Best Practices

Economic Substance Law Requires Risk, Due Diligence and Oversight Processes

In December 2019 the Bermuda Finance Minister released final Guidance around Bermuda’s Economic Substance (ES) laws.  Firms falling within the scope of the ES laws are required to submit their declaration indicating the level on on-island activity no later than six months after their financial year start date. Many companies are using third-party relationships to… READ MORE

Zoom – Firms Should Conduct a Risk-Based Assessment Before Implementation

As many firms have started heavily leveraging remote conferencing systems to maintain business continuity during this COVID-19 outbreak, Zoom has seen a sudden rise in popularity and an equally sudden rise in cybersecurity concerns. There are many reports detailing both the lack of available protections and the implementation of those protections by firms. Zoom has… READ MORE

Digital Assets – Are You Ready?

The securities and futures industries have a long history of creating, distributing, and trading new and innovative products and asset classes. Innovation is not without risk and successful firms have typically introduced disciplined processes to achieve compliance within existing regulations, even when there are gray areas. For broker-dealers, the suitability rule (2111) is the guiding… READ MORE

Digital Assets and State Regulatory Challenges

One of the challenges for firms regulated by states is the state’s autonomy to both draft and enforce their own laws It is important to be aware of the regulations in any states where you may be conducting business, including the offer or sale of digital assets. A review of state regulations reveals one common… READ MORE

PIPA: What You Need to Know

The Personal Information Privacy Act (PIPA) is expected to come into effect this year. PIPA will impose obligations on organizations using personal information in Bermuda. Under PIPA, personal information means any data about an identified or identifiable individual. If a company holds personal information about customer or employees, there are obligations in the Act that… READ MORE