17Sep2018

Bermuda’s Digital Asset Business Regulatory Regime

The Digital Asset Business Act 2018 (DABA) is Bermuda’s latest development in establishing a comprehensive legislative and regulatory framework designed to support and facilitate growth in the financial technology (Fintech) sector. Bermuda has implemented digital asset business legislation in the form of the Digital Asset Business Act 2018, as well as prudential rules including the Digital Asset Business (Client Disclosure) Rules 2018, the Digital Asset Business (Cybersecurity) Rules 2018, and the Digital Asset Business (Prudential Standards) (Annual Return) Rules 2018. The DABA legislation regulates digital asset business carried on in or from within Bermuda and protects the interests of clients or potential clients of persons carrying on the business of digital asset business.

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12Jul2018

Bermuda Initial Coin Offering (ICO) Legislation

Bermuda is quickly becoming a world leader in the financial technology (Fintech) sector by putting into place a bespoke Fintech legislative and regulatory regime. Bermuda’s first major move from a legal standpoint is the implementation of legislation that governs Initial Coin Offerings (ICOs). Bermuda has successfully launched the world’s most progressive ICO legislation in the form of the Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 which came into effect on 9 July, 2018 and the Companies (Initial Coin Offering) Regulations 2018 and Limited Liability Company (Initial Coin Offering) Regulations 2018 which came into effect on 10 July, 2018.

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10Oct2017

Bermuda’s Bribery Act 2016 – What Your Organisation Should Be Doing to Comply

The Bermuda Government’s new Bribery Act 2016 came into force on 1 September, 2017 (Bribery Act), drastically modernising Bermuda’s anti-bribery legislation. The Bribery Act is largely modelled on the UK’s Bribery Act 2010, but it is important that persons and organisations in Bermuda understand the provisions of the Bermuda Bribery Act which has wide implications and introduces a number of new offences into Bermuda law.

Multi-national enterprises based in or connected to Bermuda should analyse their risk and ensure that they implement procedures that sufficiently take into account Bermuda anti-bribery provisions. To assist, the Bermuda Government has issued Guidance on how commercial organisations can ensure that they comply with the Bribery Act entitled ‘The Bribery Act 2016 Guidance about procedures which relevant commercial organisations can put into place to prevent persons associated with them from bribing (section 11 of the Bribery Act 2016)’ (Guidance).

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