The Companies Amendment Act, 2018, which is deemed to have come into operation on 21 March 2018, amends the Companies Act, 1981 (the ‘’Act’’) as regards the filing of information contained in bye-laws and applies to all Bermuda companies having a share capital. Under transitional provisions, all such companies will have a period of six (6) months from 21 March 2018 (that is until 20 September 2018) to make the required filing.

On 13 April 2018, amendments were tabled in Bermuda’s House of Assembly to the Companies Act, 1981 (“Companies Act”) and Limited Liability Company Act, 2016 (“LLC Act”) to provide a legislative framework for initial coin offerings (“ICOs”). By implementing this new legislation, the Bermuda Government is laying the foundation for the Island to become a leading global blockchain and ICO centre. The Companies and Limited Liability Company (Initial Coin Offering) Amendment Act, 2018 (the “ICO Act”) will be debated in a later sitting of the House.

On 23 March 2018 Bermuda brought into operation legislation requiring all Bermuda companies, except those that are exempted, to obtain information regarding their beneficial owners and to maintain beneficial ownership registers at their registered offices (or at such other place in Bermuda convenient for inspection by the Registrar of Companies). Additionally, information regarding their beneficial owners must be filed with the Bermuda Monetary Authority (“BMA”).

Following the 2016 introduction of Market Abuse Regulation (“MAR”) by the European Union (“EU”) many companies looking to list debt are finding alternatives outside the EU more attractive. The Bermuda Stock Exchange (“BSX”), with its fully electronic trading platform and worldwide recognition, provides several benefits for debt listings outside the EU and is proving increasingly popular. The Impact of MAR The Market Abuse Regulation was introduced in 2016 to tackle market abuses such as insider trading, and to further harmonise market regulations across EU member states.

Bermuda has introduced the Personal Information Protection Act, 2016 (“PIPA”) to regulate the use of personal information by organisations in a manner that recognises both the need to protect the rights of individuals in relation to their personal information and the need for organisations to use personal information for legitimate purposes. The Act will come into full force in the latter part of 2018. It will affect every individual and every organisation in Bermuda, including Government and non-profits.

Conyers has named Paul Naylor as Chief Operating Officer. Paul will assume the role on 1 April, succeeding Stephen DeSilva who is set to retire on 31 March, after more than 25 years with the firm. “Conyers is a leading international law firm and I am delighted to be joining the management team and working across the global network to contribute to the firm’s success”, said Mr. Naylor. Click here for more.

After much anticipation, the Bermuda International Interests In Mobile Equipment (Cape Town Convention) Act 2016 came into operation in Bermuda on 1 January 2018. Essentially this legislation extends the Convention on International Interests in Mobile Equipment and its corresponding Protocol and Declarations (together the “Cape Town Convention”) to Bermuda. Click here for more.

THE OFFSHORE CASE DIGEST OFFERS READERS A HIGH LEVEL SUMMARY OF THE MAJOR COMMERCIAL CASES DECIDED IN BERMUDA, THE BRITISH VIRGIN ISLANDS AND THE CAYMAN ISLANDS. Our goal is to provide a useful reference tool for clients and practitioners who are interested in the development of case law in each jurisdiction. Click here for more..

Why should you be concerned? •The Bribery Act creates a new corporate criminal offence – failing to prevent bribery by an associated person – which applies even to non-Bermuda companies and partnerships that carry on business (or part of a business) in Bermuda. •There is only one defence to the new corporate offence: the commercial enterprise must prove that it had "adequate procedures" in place, designed to prevent persons associated with it from undertaking acts of bribery. •The Bribery Act criminalises private-sector bribery and creates a new offence of bribing a foreign public official. •

Patience is a virtue, or so we are told as children by our parents. Bermuda has been patient when it comes to the Convention on International Interests in Mobile Equipment and the associated Aircraft Equipment Protocol (known together as ‘The Cape Town Convention’). Our domestic legislation, the Bermuda International Interests in Mobile Equipment (Cape Town Convention) Act, 2016 has been in effect since early August 2016 and all of our declarations (including adoption of Alternative A) submitted to the UK government shortly thereafter.