Category: News & Updates
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Overview: Economic Substance in Bermuda
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Further to our client update of 21 December 2018 we have put together a brief overview of the new legislation now it has come into force.
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Bermuda proposes Economic Substance Requirements
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Bermuda has tabled a bill to implement legislative changes addressing concerns raised by the EU Code of Conduct Group regarding economic substance by 31 December 2018. On 7 December 2018, legislation was tabled in the House of Assembly proposing economic substance requirements on certain Bermuda companies and limited liability companies.
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Extension of beneficial ownership register compliance deadline
The Bermuda Government has extended the transitional deadline from 24 September 2018 to 15 December 2018 regarding Bermuda’s introduction of beneficial ownership registers.
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Extensions to deadline regarding AML officer appointments
The Cayman Islands Monetary Authority (CIMA) issued a notice on 24 September 2018 extending certain deadlines regarding the appointment and notification of Anti-Money Laundering Compliance Officers (AMLCOs), Money Laundering Reporting Officers (MLROs) and Deputy Money Laundering Reporting Officers (DMLROs).
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REMINDER: 30 September Deadline for appointment of AML Officers under the Cayman Islands Anti-Money Laundering Regulations
FUNDS, PRIVATE EQUITY AND INVESTMENT VEHICLES Cayman Islands entities conducting relevant financial business are reminded they must appoint individuals as their AML Officers by 30 September 2018 under the AML Regulations (2018 Revision).
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Legislative changes relating to AGM and Annual Return timelines effective 31 August 2018
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Singapore These legislative changes to the Companies (Amendment) 2017 aimed at reducing the regulatory burden for companies will take effect from 31 August 2018: Alignment with timelines for holding Annual General Meetings (AGMs) and filing Annual Returns (ARs) to the Financial Year-End (FYE) Exemption for private companies from holding AGMs subject to specific safeguards The…
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Cayman Islands beneficial ownership regime
Under the Cayman Islands beneficial ownership legislation and regulations, certain Cayman Islands companies are required to maintain details of each qualifying beneficial owner in a beneficial ownership register. Each company that falls within the scope of the legislation is required to complete and maintain a register at its Cayman Islands registered office with a licensed corporate services…
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Legislation updates affecting Bermuda Companies
Recent legislation changes in Bermuda see the increase to certain fees from 1 April 2018 and the formal introduction of a Register of Beneficial Owners.
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*UPDATED* Cayman Islands: AML Compliance Officer, MLRO and DMLRO
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CAYMAN ISLANDS FUNDS, PRIVATE EQUITY AND INVESTMENT VEHICLES – Late last year the Cayman Islands Monetary Authority (CIMA) issued updated Guidance Notes under the Anti-Money Laundering Regulations, 2017 which have just come into force. Marbury has been awaiting clarification on some parts of the updated Guidance Notes after feedback was provided from the industry…