Bio

Sally Penrose heads the Bermuda regulatory practice advising clients including financial institutions, global corporations, professional and public bodies on a wide range of regulatory and licensing issues. Sally is a leading advisor on economic substance issues and has been actively involved in the Economic Substance Task Force established by the Minister of Finance. Sally is also a member of the Registrar of Companies working group responsible for drafting the economic substance guidance notes.

Sally is chair of the legal focus group (sub committee of the Bermuda Business Development Agency) driving legislative change in the jurisdiction and is frequently invited to join working groups formed by the Island’s regulator, the Bermuda Monetary Authority.

Sally has wide corporate experience acting for corporates and management teams on multi-jurisdictional mergers, joint ventures and acquisitions. Sally is a member of Appleby’s global Technology & Innovation group, providing comprehensive advice in connection with all aspects of initial coin offerings and the carrying on of digital asset business. Sally is recognised by Legal 500 Caribbean as a ‘Leading Individual’ in the tier 1 Regulatory and Compliance category and recommended in the Corporate and Commercial category . She is also recognised in IFLR1000 in the Financial and Corporate category as a ‘Rising Star’

PUBLICATIONS:

DEALS:

  • INTEGRAL ILS LTD., Advised Integral ILS Ltd., in connection with a significant cornerstone investment from alternative investment manager New Holland Capital (NHC), bringing secured commitments up to $600 million;
  • STABLE GROUP, Acted as Bermuda counsel for the Stable Group in the structuring, establishing and licensing of its subsidiaries: Stable Corporation and Stable Bermuda;
  • INTEGRAL ILS LTD., Advised Integral ILS Ltd., an independent alternative fund manager focused on insurance-linked strategies in connection with a significant cornerstone investment;
  • BITTREX GLOBAL, Advised Bittrex Global on their successful application for a Class F Digital Asset Business License which represents the third such license issued by the Bermuda Monetary Authority;
  • PROSPERITY LIFE ASSURANCE LIMITED., Acted in connection with the formation and registration of Prosperity Life Assurance Limited as a Class E insurer pursuant to the Insurance Act 1978, as amended;
  • STABLEHOUSE, Acted as counsel to Stablehouse in connection with its application for a Class M Licence;
  • XBTO, Advised on the successful application for a Digital Asset Business (DABA) Licence as a Digital Asset Service Vendor (Market maker for digital assets) under the Digital Asset Business Act which represented the third DABA licence to have been issued by the Bermuda Monetary Authority;
  • BELMOND LTD., Advised Belmond Ltd. on its acquisition by LVMH Moët Hennessy Louis Vuitton SE (LVMH);
  • VALIDUS HOLDINGS LTD., Advised Validus on its $5.6 billion acquisition by American International Group, Inc.  Appleby demonstrated the strength and depth of its corporate team on this transaction with a combination of specialist M&A and regulatory lawyers forming the deal team;
  • ORION MINE FINANCE, Advised Orion Mine Finance and Fusion Capital on the sale of Lynx Resources, the owner of the SASA zinc, lead and silver mine in the Republic of Macedonia, for USD 402.5m to Central Asia Metals (“CAML”);
  • TRITON CONTAINER INTERNATIONAL LIMITED., Advised on TCIL’s merger with TAL International Group, Inc., a NYSE-listed, US company (TAL). The transaction will create the world’s largest lessor of intermodal freight containers with revenue generating assets of $8.7 billion;
  • L.F. WADE INTERNATIONAL AIRPORT – THE FINANCIAL INVESTORS, Advised on the Bermuda law relating to the financing of the redevelopment of the L. F. Wade International Airport in Bermuda (Redevelopment) pursuant to which the clients subscribed for USD 285 million of fixed coupon notes;
  • VIRGIN GROUP INVESTMENTS LTD., Advised the investment arm of billionaire Richard Branson’s family, in connection with new cruise industry venture by designing and constructing two new world class cruise ships. The lead co-investor in the deal was Bain Capital, one of the world’s leading private equity firms;
  • CHINA MINSHENG INVESTMENT CO. LTD., Advised in the acquisition of the entire issued share of capital of Sirius International Insurance Group, Ltd. The transaction was one of the largest private acquisitions in the Bermuda reinsurance space;
  • KEYTECH LIMITED., Advising in connection with a multi-layered transaction that included the acquisition of the remainder of Bermuda Digital Communications Ltd. (CellOne) and the acquisition by Atlantic Tele-Network, Inc., of a controlling interest in Keytech;
  • TRITON CONTAINER INTERNATIONAL LIMITED., Advised in relation to its merger with TAL International Group, Inc., a NYSE-listed, US company.  The transaction creates the world’s largest lessor of intermodal freight containers with revenue generating assets valued at  $8.7 billion;
  • Advised a world’s leading mining focused private equity group on their $300m+  investment; and
  • Advised on the structuring, formation and launch of a $2bn+ investment fund.

Education:

University College London (England)

College of Law (London, England)

“Sally Penrose possess excellent technical skills and is highly responsive and dedicated.” 

Legal 500
2020

Updates

7 Jul 2021

Economic Substance: Bermuda Expands Regime To Include All Partnerships

The Economic Substance Amendment Act 2021, which became operative on 30 June 2021, has expanded the ...

Contributors: Sally Penrose
11 Jun 2021 | News

Appleby And AGS To Sponsor And Speak On ESG And LATAM Panels At Bermuda Captive Conference

Appleby and Appleby Global Services (AGS) are pleased to once again sponsor the annual Bermuda Capti...

Contributors: Eduardo Fox
8 Apr 2021 | News

Appleby’s top tier Regulatory practice in Bermuda expands its Compliance Services

Appleby’s market-leading Regulatory practice, which is the only firm in Bermuda ranked in Tier 1 b...

6 Apr 2021 | News

Appleby’s top tier Regulatory practice in Bermuda expands its Compliance Services

Leading offshore law firm Appleby has expanded its Compliance Services in Bermuda. Appleby’s marke...

Contributors: Jarion Richardson
3 Feb 2021 | News

Bermuda Regulatory Update: Q4 2020

Our latest Regulatory update for Bermuda.

20 Jan 2021 | Deals

Appleby Bermuda advised Stable Group in novel structure

Appleby acted as Bermuda counsel for the Stable Group in the structuring, establishing and licensing...

3 Nov 2020 | Deals

Appleby Bermuda advised Integral ILS Ltd. in connection with a significant cornerstone investment

Appleby advised Integral ILS Ltd., an independent alternative fund manager focused on insurance-link...

14 Oct 2020 | News

Sally Penrose and Jennifer Parsons speak on Regulatory webinar panel to New York State Bar Association members

The New York State Bar Association is hosting a virtual webinar entitled ‘Bermuda and Cayman Islan...

Contributors: Jennifer Parsons

Publications

8 Apr 2020 |

COVID-19’s impact on AGMs – Strategies to Consider

This article considers the legal and practical issues of each option to assist companies that are gr...

Contributors: Sally Penrose
1 Jul 2019 |

Latest Developments in Bermuda’s Economic Substance Regime

The Economic Substance Amendment Act 2019 (Amendment Act) became operative on 28 June 2019. Bermuda ...

Contributors: Sally Penrose
26 Jun 2019 |

Regulatory Headwinds

Faced with increased scrutiny from regulators on both global and jurisdictional levels, businesses m...

Contributors: David Dorgan

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