With the New Year underway, there is a wide range of regulatory updates to reflect on and prepare for. While navigating these changes may seem complex, the Regulatory & Risk Advisory team is here to assist. The Outlook...more
2/28/2025
/ Beneficial Owner ,
Bermuda ,
Compliance ,
Data Protection ,
Employees ,
Employer Liability Issues ,
Employment Policies ,
Insurance Industry ,
Investment Funds ,
Minimum Wage ,
Payroll Taxes ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
Trademarks
The Personal Information Protection Act (PIPA) is a critical framework for protecting individuals’ personal information in Bermuda. Under PIPA organisations are required to adhere to several key principles, including ensuring...more
2/13/2025
/ Bermuda ,
Compliance ,
Consumer Privacy Rights ,
Data Privacy ,
Data Protection ,
Data Protection Acts ,
Data Security ,
Personal Data ,
Personal Information ,
PIPA ,
Privacy Laws ,
Regulatory Requirements ,
Risk Management
While there was lots to read about from a Cayman Islands perspective this past year, our most popular articles came from our Regulatory & Risk Advisory, Corporate, Insurance, and Litigation & Restructuring and practices....more
1/7/2025
/ Aircraft ,
Cayman Islands ,
CIMA ,
Commercial Litigation ,
Corporate Governance ,
Corporate Restructuring ,
Dispute Resolution ,
FATF ,
Insurance Industry ,
Investment Funds ,
Investors ,
Regulatory Agenda ,
Regulatory Requirements ,
Reinsurance
When Russia invaded Ukraine on 22 February 2022 most Bermudian residents did not think it would have much impact to the island. However as both an overseas territory of the United Kingdom and as an international finance...more
12/24/2024
/ Anti-Money Laundering ,
Asset Freeze ,
Aviation Industry ,
Bermuda ,
Civil Aviation Authority (the CAA) ,
Economic Sanctions ,
Enforcement ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Reinsurance ,
Russia ,
Sanctions ,
UK ,
Ukraine
When the substantive provisions of Bermuda’s Personal Information Protection Act 2016 (PIPA) become operational on 1 January 2025, it is vital that all in scope organisations ensure their compliance with PIPA....more
12/5/2024
/ Bermuda ,
Chief Privacy Officer ,
Compliance ,
Corporate Governance ,
Data Collection ,
Data Protection ,
Data Retention ,
Legislative Agendas ,
Personal Information ,
PIPA ,
Privacy Laws ,
Regulatory Requirements
Continued compliance with Bermuda’s anti-money laundering (AML) and anti-terrorist financing (ATF) legislation remains a hot topic for Bermuda regulated entities, especially those brought recently into scope by the Investment...more
11/7/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
ATF ,
Bermuda ,
Compliance ,
Financial Regulatory Reform ,
Investment Firms ,
Legislative Agendas ,
Proceeds of Crime Act 2002 (POCA) ,
Regulatory Agenda ,
Regulatory Requirements
Welcome to the latest instalment of the Bermuda Regulatory & Risk Advisory Bulletin. In a constantly evolving regulatory environment, this bulletin serves as a platform for insightful commentary and expertise in regulatory...more
10/8/2024
/ Anti-Money Laundering ,
Bermuda ,
Common Reporting Standard (CRS) ,
Enforcement Actions ,
Financial Institutions ,
Personal Information ,
PIPA ,
Privacy Laws ,
Regulatory Agenda ,
Risk Management ,
Terrorist Financing Regulations
Continued compliance with Bermuda’s anti-money laundering (AML) and anti-terrorist financing (ATF) legislation, including regulations, policies and guidance notes issued by the Bermuda Monetary Authority (the BMA or the...more
10/3/2024
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
ATF ,
Bermuda ,
Compliance ,
Financial Regulatory Reform ,
Investment Firms ,
Legislative Agendas ,
Proceeds of Crime Act 2002 (POCA) ,
Regulatory Agenda ,
Regulatory Requirements
The Organisation for Economic Co-operation and Development (OECD) has urged participating tax authorities around the globe to take further steps to ensure compliance with the Common Reporting Standard (CRS). As a result...more
With the 1 January 2025 implementation date of the Personal Information Protection Act 2016 (“PIPA”) fast approaching, Bermuda based organisations from small-businesses to multinationals, should be busy preparing for...more
10/1/2024
/ Bermuda ,
Chief Privacy Officer ,
Compliance ,
Corporate Governance ,
Data Collection ,
Data Protection ,
Data Retention ,
Legislative Agendas ,
Personal Information ,
PIPA ,
Privacy Laws ,
Regulatory Requirements
Despite mounting environmental concerns and political pressure around the use of private jets, the private aviation sector continues to experience strong growth, particularly in the Middle East and Asia. With increasing...more
5/17/2024
/ Asia ,
Aviation Industry ,
Beneficiaries ,
Bermuda ,
Cayman Islands ,
Corporate Structures ,
Middle East ,
Offshore Companies ,
Ownership Interest ,
Registration Requirement ,
Trustees ,
Trusts
As we enter 2024 the myriad of regulatory changes can appear overwhelming. We are here to help and have set out below some key changes and issues that can impact Bermuda entities. Bermuda has introduced a corporate income tax...more
2/16/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
Bermuda ,
Business Entities ,
Corporate Governance ,
Corporate Taxes ,
Data Protection ,
Employer Liability Issues ,
FATF ,
Income Tax Act ,
Income Taxes ,
Insurance Industry ,
Intellectual Property Protection ,
Investment Funds ,
New Legislation ,
Privacy Laws ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Sanctions ,
Trademarks ,
Wage and Hour
With Data Privacy Day occurring internationally on 28 January, 2024, it seems a good time to issue our Data Privacy Bulletin for 2024.
2023 was an eventful year for the Office of the Privacy Commissioner (PrivCom), and a...more
In this four-part series, Conyers dives into different topics relating to Bermuda’s privacy legislation, including why we need privacy legislation and its purpose, how to prepare for PIPA, the role and requirements of privacy...more
2/8/2024
/ Bermuda ,
Chief Privacy Officer ,
Compliance ,
Data Collection ,
Data Protection ,
Data Retention ,
Legislative Agendas ,
Personal Information ,
PIPA ,
Privacy Laws ,
Regulatory Requirements
In this four-part series, Conyers continues diving into different topics relating to Bermuda’s privacy legislation, including why we need privacy legislation and its purpose, how to prepare for the Personal Information...more
After a seven-year wait, the Bermuda Government has announced that the remaining sections of the Personal Information Protection Act 2016 (PIPA) will come into full force on 1 January 2025. To date, only limited sections of...more
An old adage says that the only things in life that are certain are death and taxes. We think regulatory changes can surely be added to that list. A number of regulatory updates will affect Bermuda entities this year, and we...more
4/3/2023
/ Beneficial Owner ,
Bermuda ,
Code of Conduct ,
Companies Act ,
Corporate Governance ,
Cybersecurity ,
Economic Sanctions ,
Economic Substance Doctrine ,
EU ,
FATF ,
Investment ,
Investment Companies ,
New Regulations ,
Personal Information Protection Act ,
PIPA ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
Russia ,
Sanctions ,
UK
Data Privacy Week was an opportune time to consider the important issue of how we as a society determine when privacy takes precedence in conflicts between data access and data privacy. A recent such example was the November...more
3/2/2023
/ Beneficial Owner ,
Bermuda ,
Business Litigation ,
Data Privacy ,
Data Protection ,
Data Security ,
Disclosure Requirements ,
EU ,
General Data Protection Regulation (GDPR) ,
Personal Information ,
Privacy Laws ,
Regulatory Requirements
In Rising insurance premium rates, limited capacity with commercial insurance carriers and a looming global recession made 2022 extremely challenging for aviation insurance buyers. In this environment, the aviation industry...more
The Bermuda Monetary Authority published the revised Operational Cyber Risk Management Code of Conduct (the “Cyber Risk Code”) for corporate service providers, trust companies, money services businesses, investment...more
2/10/2023
/ Bermuda ,
Board of Directors ,
Chief Information Security Officer (CISO) ,
Compliance ,
Corporate Governance ,
Corporate Management ,
Cybersecurity ,
Deadlines ,
Enforcement ,
Financial Institutions ,
Financial Services Industry ,
Policy Updates ,
Risk Controls ,
Risk Management
We refer to the Conyers June 2022 alert in relation to upcoming amendments to the Investment Business Act 2003 (the “IBA”). As noted, the Investment Business (Amendment) Act 2022 was passed on 1 April, 2022 amending the IBA....more
In a four-part series, Conyers continues its series on different topics relating to Bermuda’s privacy legislation, including: why we need privacy legislation and its purpose, how do we prepare for PIPA and what are our rights...more
In this four-part series, Conyers continues diving into different topics relating to Bermuda’s privacy legislation, including: why we need privacy legislation and its purpose, how to prepare for the Personal Information...more
In a four-part series, Conyers will be diving into different topics relating to Bermuda’s privacy legislation, including: why we need privacy legislation and its purpose, how do we prepare for PIPA, the role and requirements...more
In a four-part series, Conyers will be diving into different topics relating to Bermuda’s privacy legislation, including: how do we prepare for PIPA, the role and requirements of privacy officers and what are our rights as...more