12/19/2024
Cayman company information to be open to journalists
MPs approve new access to beneficial ownership information
Regulation, Risk & Compliance
12/19/2024
HSBC announces February EGM on disclosure of information to bidders
The bank said in November that several parties had expressed interest in acquiring its shares
12/18/2024
CIIPA introduces Code of Ethics
The Code sets clear expectations for professional accountants and public practice firms
12/18/2024
Money market report for the week ended December 13, 2024
ECB cuts interest rates again
12/18/2024
Bermuda ranked third-quickest jurisdiction for companies
Mercator’s clients are the general counsel of multinational companies.
12/18/2024
BMA confirms seven insurer registrations
Of the six other new companies, two were Class 2 group captives
12/18/2024
Rights to inspect: The 'Proper Purpose' Test
There is no dispute as to how the provisions of section 127 CGL 2008 are to be applied, rather the question is 'what constitutes a 'proper purpose'?'.
12/18/2024
The Evolving Role of the Third-Party Fund Administrator in European Asset Management
How the changing investment fund regulatory environment and the related operational complexity have elevated the role of the third-party administrator.
12/17/2024
QBE Re subsidiaries get Class 4 licences
As part of our commitment to the Bermudian reinsurance market it is a natural evolution for QBE Re to underwrite directly onto these locally based balance sheets.
12/17/2024
Money market report for the week ended December 13, 2024
ECB cuts interest rates again
12/16/2024
MPs approve raft of financial legislation
The legislation made provision for “permitted disclosure” of information as well as any limitations on such disclosures by the department.
12/16/2024
Segregated Portfolio Companies: Cayman Courts Upholding the Segregated Principle
SPCs were introduced in the Cayman Islands in 1998 for certain insurance businesses and, from 2003, have been capable of being registered without restriction on the business undertaken.
12/13/2024
Changes to Bermuda’s group supervision regime
There are seven separate proposals put forward by the BMA for consultation, although they follow the same key theme; the enhancement of the ability of the BMA to have control over the parent of the insurance group.
12/13/2024
Investigation: How £3.4bn of debt has changed the face of financial advice
Citywire investigation reveals the most detailed picture yet of the levels of borrowing fuelling consolidators’ adviser acquisitions, uncovering previously unreported debt issued by Guernsey, Jersey and Cayman Islands parent companies.
12/13/2024
Ireland to prepare new AML legislation on crypto assets ahead of December EU deadline
Ireland has emerged as an attractive destination for crypto firms setting up their European operations.
12/12/2024
Bank declines loan repayment amid ‘concerns over source’
It was the latest in a court battle that started in June, when Butterfield began proceedings to recover the remaining debt.
12/12/2024
Latest Guernsey case concerning a 'Suspicious Activity Report' elaborates on the 'proceeds of criminal conduct' requirement
In October 2021, the FIU responded to the SAR and confirmed that CST was not permitted to release the assets held on the trust fund of the Trusts.
12/12/2024
Outsourcing in the BVI - when can a licensee outsource and what limits apply?
The guidance notes to the Regulatory Code stipulate that the service provider should normally be required to seek the consent of the licensee before entering into a sub-contract arrangement with respect to any outsourced activity.
12/11/2024
Advising on the world’s first regulated DEX and securing a Class M Digital Asset Business License
This is a significant step forward in bringing decentralized finance (DeFi) to the mainstream.
12/09/2024
BMA consults on tighter investment and group supervision rules
The Bermuda Monetary Authority has increased its supervisory oversight of Bermuda's commercial insurers