Identify and Mitigate Risk: Third-Party Service Providers

The Economic Substance laws and the updated Guidance provided in December 2019 require certain Regulated Entities to submit their declaration indicating the level on on-island activity no later than six months after their financial year start date. It is now August, and although many firms have already completed their declaration, others have various filing dates… READ MORE

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

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

‘Tis the Season for the Bribery Act

As gifts are given and received, with the introduction of the Bermuda Bribery Act 2016, its time to consider the following important questions: Do I need to report the Quality Street? (Not Likely) What about that Goslings 2017 America’s Cup Trophy Rum and Decanter? (Yes, and can I have some?) The Bermuda Act, like its UK parent,… READ MORE