Now that a date has been set for the coming into force of the Personal Information Protection Act 2016, employers need to be aware of how this important legislation will affect them.
Regulation of Financial Firm Business and Virtual Asset Service Providers
The Lending, Credit and Finance (Bailiwick of Guernsey) Law 2022, (LCF Law) came into effect on 1 July 2023. Businesses carrying out activities covered by the LCF Law must now obtain a licence (unless any of the exemptions apply).
Pricing Still Not Where It Needs To Be
In spite of climate impacts and some large insurers pulling out of certain markets, there’s been some talk of rate softening in the reinsurance market, which Brad Adderley, Bermuda Managing Partner at Appleby says, “makes little sense”.
Bermuda’s Pragmatic Regulations
Increasingly, onshore and offshore jurisdictions alike seek to ensure that international business is conducted through active businesses who have their ‘mind & management’ closely linked to the jurisdictions where they assert their domicile. For example, onshore tax authorities frequently prescribe complex rules associated with, among other facts, where the ‘mind & management’ of an enterprise is located, the criteria for what makes a business ‘active’ as opposed to ‘passive’, how to determine the jurisdiction of corporate control, or what the tests might be to determine if an entity has a real and substantial connection to a jurisdiction.
Developments In The Law On Digital Assets
Bermuda is world-renowned for its cutting-edge regulation of fintech and digital assets. There is potentially enormous value to be realised in Bermuda through the adoption of digital assets or digital asset infrastructure − including blockchains, smart contracts, tokenised digital assets and cryptographic techniques − in the context of traditional financial services. We have seen firms exploring the adoption of digital asset infrastructure in the reinsurance, investment fund, banking and private trust sectors.
Using an Employee’s Personal Information in Light of PIPA
Since 2016, there has been significant development in the law relating to the use of personal information. In Bermuda, the Personal Information Protection Act 2016 (‘PIPA’) received Royal Assent on 27 July 2016 but has not yet come into full force, however following a recent government announcement, that PIPA is to come into full effect on 1 January 2025, employers need to be aware of how this important piece of legislation will affect them.
The insurance-linked securities (ILS) market is on pace for a record year, according to lawyer Brad Adderley, who has been involved with the market since its inception in the early 2000s.
Lead-in to PIPA law is not too lengthy
Last Friday in the House of Assembly, the Government introduced amending legislation required to bring Bermuda’s 2016 privacy laws into effect on January 1, 2025. That may seem like a long ramp-up period to some, but it is not.
Whether you're a landlord or tenant looking for pre-let advice, we can help. Our expert property lawyers provide advice on every aspect of commercial property law and can help mitigate certain risks associated with the grant of a new lease. Due to the complex nature of the document, we will clarify the meaning of pre-let agreements and answer some common questions.
Appleby Bermuda Contributes to Private Trust Companies Handbook Second Edition
Vanessa Schrum, Partner and Group Head of Appleby’s Private Client and Trusts department in Bermuda, has contributed to the second edition of ‘Private Trust Companies: A Handbook for Advisers’, published by Globe Law and Business.