May 2022 - Compliance and Regulatory Updates
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BMA - Financial Sanctions Updates |
Financial sanctions updates have been published by the BMA for Russia, Syria, Iraq, Iran (Nuclear) and Global Anti-Corruption |
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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. |
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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 |
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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. |
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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 |
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Deadlines for Q2 2022 |
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