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Bermuda regulatory updates Q4 2023

09 February 2024

Our latest report on Bermuda will bring you up to speed on relevant updates and regulatory developments that took place during the fourth quarter of the year.

BMA - Financial sanctions updates (International Sanctions - BMA)

    • Some financial sanctions updates have been published by the Bermuda Monetary Authority (“BMA”) for: Haiti; Iran (Nuclear); Iran (Human Rights) Regime; Russia; ISIL (Da’esh) and Al-Qaida; Democratic Republic of the Congo; Myanmar; Counter-Terrorism International; Libya; Cyber Regime; Belarus Regime; Counter-Terrorism (International) Regime

  • BMA – Investment funds legislation (Bermuda Legislation Documents - BMA

    • The feedback obtained by the Authority during the consultation process culminated in amendments to the Investment Funds Act 2006, The Investment Fund Rules 2019, and the Investment Fund Offering Document Rules 2019 (collectively referred to as the funds legislation).
    • Amendments to the funds legislation in 2023 extend across the following categories:
      • Clarification on the obligations of the operators of an investment fund
      • Expansion of the power to use late fees for non-compliance by operators of an investment fund
      • Powers related to the granting of filing deadline extensions
      • Expansion of the range of directions the Authority may issue
      • Requirement for appointed auditors to communicate certain matters to the Authority
    • The BMA has updated The Investment Fund Guidelines published on its website at https://www.bma.bm/document-centre/reporting-forms-and-guidelines-investment-funds
    • Should you have any questions concerning the 2023 amendments to the Investment Funds Act 2006 and the related Rules, please contact funds@bma.bm

BMA – Digital assets updates (Digital Asset Business - BMA)

  • Corporate income tax regime proposal for Bermuda

(see Bermuda Corporate Income Tax | Government of Bermuda (www.gov.bm) and House approves corporate income tax Bill - The Royal Gazette | Bermuda News, Business, Sports, Events, & Community)

    • The Bermuda Corporate Income Tax Act 2023 received the governor’s assent and was posted to the  Royal Gazette (the official gazette) on December 27 2023, after the legislation was approved on December 17 2023
    • This Corporate Income Tax (“CIT”) will apply to Bermuda businesses that are part of large Multinational Enterprise Groups (“MNEs”), with annual revenue of €750m or more. 
    • The proposed CIT is expected to take effect in January 2025

Deadlines for Q1 2024:

  • January 31 2024: Government Fees and Annual Declarations/Returns for exempted companies Registrar of Companies (“ROC”)
  • March 31 2024: Government Fees and Annual Declarations/Returns for local companies Registrar of Companies (“ROC”)
  • March 31 2024: Fees for Corporate Service Providers, Fund Administration Providers, Investment Funds Act (“IFA”)/Investment Business Act (“IBA”)/Mutual Fund Administrators - BMA    
  • March 31 2024: US FATCA Filings - Ministry of Finance




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