12/19/2022
"Wholesale modernisation" of insolvency law welcomed
The new law is due to come into force on 1 January 2023.
Regulation, Risk & Compliance
12/19/2022
Income tax and NI offenders fined by magistrates
Magistrates hand out £32,000 of fines
12/19/2022
RiverStone and Axis Capital in LPT reinsurance deal
The transaction, subject to regulatory approval, covers net reserves for losses and loss expenses of approximately $400 million and provides ground-up cover to a policy limit of $605 million.
12/19/2022
Loan rate hikes
Jamaicans facing higher cost on loans as commercial banks raising interest rates
12/16/2022
Biltir supports BMA improvements to regulatory framework
The enhancements will cover technical provisions, Bermuda Solvency Capital Requirement computation and the flexibility of the BSCR framework.
12/16/2022
Tales from the Oriente: the first appointment of restructuring officers in the Cayman Islands
The Company is the parent company of a group (the "Group") which operates a leading financial technology platform providing alternative sources of credit to traditional retail banks for the unbanked and underbanked population of Southeast Asia,
12/15/2022
Labuan FSA Awarded The Brandlaureate e-Branding Bestbrands Award For FinTech Islamic Financial Services
The Labuan Islamic Digital Asset Centre or IDAC was unveiled in October 2022
12/15/2022
‘Shut down’ on FTX $300m Bahamas assets safeguard
He used the Capitol Hill hearing to blast the Bahamas’ provisional liquidation process for having “no transparency”
12/15/2022
Guernsey to progress public-private partnership
It was due to be debated at the States meeting on 26 January 2022 but was withdrawn from the agenda pending further engagement and consultation.
12/15/2022
Cybersecurity and data breaches in the Cayman Islands
The Rule and Statement of Guidance set out CIMA's requirements in relation to the management of cybersecurity risks.
12/15/2022
Offshore Centres Update: Q3 Sukuk Activity and Launch of Shariah Compliant Funds
In this Country Correspondent Report for Islamic Finance News ("IFN"), Manuela Belmontes discusses the activity of the sukuk market in Q3 and the launch of Shariah compliant funds
12/15/2022
Wight warns over possible consequences of minimum wage as senators pass law
“The opportunities that struck me are for those earning less than $16.40 an hour and struggling to meet their needs for themselves and their families.”
12/14/2022
Central Bank approves $200 million in transactions since investment currency premium waiver
Investor applications for approvals may be submitted directly to the Central Bank
12/14/2022
FTX chief Bankman-Fried could fight extradition from Bahamas
Bankman-Fried was arrested at his Nassau apartment on Monday at the request of federal prosecutors in New York.
12/14/2022
SEC complaint alleges Bankman-Fried orchestrated scheme to defraud investors of billions for speculative investments and to grow crypto empire
The SEC in court filings claimed that Bankman-Fried “portrayed himself as a responsible leader of the crypto community.”
12/14/2022
New legislation to establish nat’l investment funds and sub-funds
Among other things, the bill provides for the fair transfer of natural resource wealth across generations, and facilitates the using of natural resource wealth to finance national development priorities.
12/14/2022
Privy Council restores rights of trust beneficiaries
The combination of charitable and non-charitable purposes in a trust of this sort is allowed under Bermuda law.
12/14/2022
Securities Commission of The Bahamas Addresses Misstatements In FTX’s U.S. Bankruptcy Case
The Commission holds those assets as trustee only (under Bahamian Law), and they will be ultimately distributed, to creditors and clients of FTX, wherever they may be located, in accordance with the court’s direction.
12/13/2022
Deadline to apply for payroll tax relief is Thursday
Those earning less than $60,000 per year will receive $250 and those earning between $60,000 and less than $96,000 will receive $100.
12/13/2022
Bermuda: Minimum wage set to be introduced next June
Enforcement officers will be able to investigate business records to ensure compliance and employers found to be in default will face financial penalties.