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Bermuda Compliance and Regulatory Updates – May 2022

10 June 2022

We have compiled a list of the latest compliance and regulatory updates that were announced or took effect that affected Bermuda in May 2022.

May 2022 - Compliance and Regulatory Updates

BMA - Financial Sanctions Updates

Financial sanctions updates have been published by the BMA for Russia, Syria, Iraq, Iran (Nuclear) and Global Anti-Corruption

BMA – Insurance – Update on Compliance with International Sanctions and Data Call

Bermuda registrants are required to provide details of all known risk exposures domiciled in the Russian Federation, Ukraine and Belarus estimated on a GAAP or IFRS basis.

Some amendments have been made to the template for submission, which can be found at: https://www.bma.bm/document-centre/reporting-forms-and-guidelines-insurance

The BMA also extended the filing deadline from 31 May 2022 to 30 June 2022.

BMA - Insurance Act Amendment No. 2 2022

Proposed amendments include introducing a new class for long-term insurers (Class IILT) and enhancing section 24 with regards to dual licensed insurers

Update on the EU Council’s Annex II list with reference to Bermuda

It is expected that Bermuda will be removed from the EU Council’s Annex II list (for cooperative jurisdictions that have committed to the EU for further enhancements), in October 2022, as Bermuda has committed to address the recommendations from the OECD Forum on Harmful Tax Practices (FHTP) for the effective implementation of economic substance requirements.

The Investment Business Amendment Act 2021

The Investment Business Amendment Act 2021 was passed by the Senate in Bermuda and has received Royal Assent; therefore, the amendments will become effective when the Minister of Finance publishes a notice in the Official Gazette. These amendments broaden the scope of the Bermuda investment business regime so that certain persons who were previously exempt may now require licensing or registration with the BMA

Deadlines for Q2 2022

  • Within 20 business days after each month-end: NAV Filings (BMA)
  • 30 June 2022: Insurance Manager Return for AIFSL
  • 30 June 2022: Economic Substance Declarations - 6 months after year end for the relevant entities (ROC)
  • 30 June 2022: Statement of Compliance for Designated Funds, Registered Funds, Standard, Institutional Funds, Administered Funds & Specified Jurisdiction Funds (BMA) (six (6) months after year end for the relevant entities)
  • June 2022: Annual Filing for ACSL – report showing plan for training and hiring Bermudians (Ministry of Finance)

 

 

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