Managers of Wealth Offshore

Cayman Islands: Year-End Obligations

Under the ES Act, a late penalty filing fee of US$6,098 can be imposed together with an additional penalty fee of US$610 for each day an ES Return remains outstanding.

Central Bank announces Macroprudential Policy Framework for Irish Property Funds

The Central Bank expects that existing Property Funds will make gradual and orderly progress towards lower leverage levels over the implementation period.

Companies House Reform 2022

This proposes measures to reform Companies House and give the Registrar of Companies additional powers to maintain the accuracy of the UK’s record of companies.

The UN’s collaboration with insurers in this ‘decade of action’

The ESG agenda originated in the investment industry to help investors better understand the elements of sustainability that were not traditionally integrated into financial analysis and decision-making.

Shining a light from Bermuda on climate risk finance

There were some noteworthy announcements coming out of COP27, especially about the importance of biodiversity, which I think were significant for Bermuda, in relation to our coral reefs.

Consultation on ‘six directorship’ exemption for directors

This is proposed as a practical and proportionate solution to deliver on the recommendation.

Fidelis completes ‘ground-breaking transaction’

All capital and risk transfer resources currently available to Fidelis brokers and clients will continue to be available, ensuring a seamless transition from the current to new structure.

EU Court of Justice Blocks Public Access to Beneficial Owner Information: Implications for Bermuda

Bermuda has a comprehensive central register of beneficial ownership information, which is held and maintained by the Bermuda Monetary Authority.

EFCB & FIU law now in force

The EFCB has been operating since June 2021 under administrative provisions, however the new Law provides clarity around its role and functions.

Year-End Deadline for Regulated Entities' Whistleblowing Procedures

Of primary note, the 2022 Act requires that all entities initially in scope must have and maintain internal reporting channels and investigation procedures that comply with its requirements from 1 January 2023.

Legislation to regulate unfair contract terms in the Bailiwick

It remains to be seen whether legislation regulating this area more widely will follow, perhaps modelled on the LCF Law.

Guernsey Policy & Resources Committee consults on ‘six directorship’ exemption for directors of businesses

The Policy & Resources Committee is therefore proposing changes which would see a registration framework extended to directors who come under the ‘six directorship’ exemption.

Beckles: Employment Act often taken for granted

“Before you invest or borrow a single dollar, make sure that you investigate and understand the regulations covering your sector,” said Beckles.

Securities Commission Statement on Transfer Motion In FTX Digital Markets Chapter 15 Proceedings

FDM was incorporated in the Commonwealth of The Bahamas on 22 July 2021; it was duly registered as a digital asset business under The Bahamas’ Digital Assets and Registered Exchanges Act, 2020.

Foundations are easily understood by clients from civil law countries

Once assets are settled into a foundation by a founder, the assets belong to the foundation

Bermuda company joins COP27 pact

The MoU paves the way for the three risk pools to collaborate on sharing best practices in parametric insurance models

Revised tax proposals to be unveiled next week

It is expected that P&R will use that platform to explain how it will propose a goods and services tax (GST) at a rate of 5% or 8% on most, if not all, consumer purchases.

British Virgin Islands: Amendments to BVI Business Companies Act

With effect from 1 January 2023, a company that is struck off the Register will be deemed dissolved on the date that the Registrar of Corporate Affairs publishes a striking off notice in the Gazette.

BMA: captives ‘vital’ to insurance market

The report looks at the overall performance of the Bermuda captive sector over the course of 2021.

Nov. govt paychecks to include minimum wage increase, back pay

He said the government is making strides in lowering its own electricity costs by implementing energy-efficient street lighting and continuing its rooftop solar projects.

Regulation, Risk & Compliance