FSC Rules issued under the Virtual Asset and Initial Token Offerings Services Act 2021 (VAITOS)
On 15 July 2022, the Financial Services Commission (FSC) issued the following rules under the VAITOS.
Recent Case Clarifies Employer’s Responsibility For Severance Allowance
This article discusses the recent case of C12 Aviation Bermuda Limited v Dr. M. Bradshaw et al [2022] SC (Bda) 26 Civ, in which the Supreme Court considered a novel question as to whether an employer is responsible for paying severance allowance to employees it makes redundant in circumstances where those employees commence employment with a new employer immediately after termination.
Novel Cat Bonds on the Horizon
On the back of a robust opening quarter, catastrophe bond issuance remained strong in the second-quarter of 2022, and with interest from new sponsors with novel transactions, growth could be on the horizon, according to Brad Adderley.
Members of Bermuda’s captive industry talk to Rebecca Delaney about the island’s promising captive market bolstered by, among other factors, emerging structures and economic substance requirements
An LLC may be the right entity for you
Every day, we see clients choosing to incorporate a company limited by shares, often just referred to as a company.
Digital Identification in Jersey
There have been considerable changes made to the way we do business in recent times. These changes were arguably inevitable but were accelerated as a result of lockdowns and forced home working, challenging the finance industry to consider innovative ways to continue to offer their services. The way in which onboarding of clients and customer due diligence, in particular, is undertaken has shifted. Along with “wet ink” signatures, original identification documents or “wet ink” certified copies of identification and verification documents are less frequently requested. Face to face verification and manual paper-based checks can be costly, are inconvenient to clients and sometimes, not possible. Digital methods are ultimately becoming the default choice for the identification and verification of individuals.
Getting into the Weeds: Isle of Man Regulation of Global Cannabis Investments
The global cannabis industry has grown rapidly in recent years as a number of jurisdictions have liberalised cannabis regulation and trade in cannabis products.
Through an elected Bar Council, the Bar Association — in conjunction with the Supreme Court Judiciary — is responsible for matters pertaining to admission to practise law in Bermuda and rules of conduct for its members. The Bar Council currently oversees the licensing requirements of 485 active members and 63 law firms.
Avoid These 3 Common NDA Drafting Mistakes
It is difficult to think of a transaction that doesn’t begin with a confidentiality or non-disclosure agreement (NDA). Although various common law jurisdictions provide different degrees of protection and remedies when transactional parties decide to share commercially sensitive information, NDAs are pervasive and essential across most jurisdictions.
Bermuda: a restructuring destination
Bermuda has an outsized, first-class insurance and financial sector, attracting complex, multinational organisations from across the world. Those organisations expect first-class service from their professional advisors in all arenas. One such arena is the provision of services relating to restructuring.
Insurtech ILS and the New Normal
As Bermuda and the global markets with which the Island transacts move towards the so-called ‘new normal’, it is timely to evaluate how developments in technology have already impacted and present opportunities to further enhance its position as a leader in the spheres of (re)insurance and insurtech. This evaluation is not limited to traditional (re)insurance but also broadens out to include the ILS market in which Bermuda is already an established leader.
Digital Assets in a Crypto Winter
In 2013, IT engineer James Howells was cleaning out his house. He had two identical hard drives: one he put in a safe place, the other he threw away.