Appleby‘s highly capable team remains a key port of call for high-profile corporate clients, which turn to the firm for its expertise in the full scope of contentious and non-contentious regulatory matters. Advising clients across a broad range of sectors, the team brings significant experience to matters involving anti-money laundering and ATF compliance, sanctions regimes and license approvals. The practice is jointly headed up by Sally Penrose, an expert in the field of economic substance issues, and John Wasty, who works with various insurers, captives, hedge funds and financial institutions on investigations and enforcement actions.
Regulatory and compliance in Bermuda
Appleby
Practice head(s):
Other key lawyers:
Key clients
One Communications Ltd.
Work highlights
- Instructed by telecoms provider OneComm to appeal the Market Review and General Determination regarding a previous competition judgement.
Walkers
Praised by clients as ‘punctual’ and ‘efficient, professional and available’, the team at Walkers has both onshore and offshore regulatory expertise, advising on highly technical issues across a range of industries including the fintech, investment fund and insurance sectors. Practice co-chair Lucy Frew assists domestic and international financial institutions with full-scale impact assessments, compliance issues and high-profile investigations, while fellow co-chair Natalie Neto specialises in the fintech and insurtech sectors, advising various digital asset entities on regulatory and corporate governance matters. ‘Excellent‘ senior associate Melanie Fullerton advises on data protection work, economic substance matters, licensing applications and change of ownership issues. Another key figure is senior associate Nicholas Howard, who works across both the regulatory and dispute resolution teams.
Practice head(s):
Lucy Frew; Natalie Neto
Other key lawyers:
Melanie Fullerton; Nicholas Howard
Testimonials
‘Walkers have provided us with advice which is always on time and succinct. The team is very responsive and provides helpful input on complex matters.’
‘We have worked on a number of matters with Melanie Fullerton. She is very responsive and always happy to help. Her written analysis is very good, and she is excellent at distilling complex analyses into a succinct response, which clients really appreciate.’
‘We had a tight deadline and Walkers Bermuda were able to accommodate us right away. They were efficient, professional and available whenever we needed them.’
‘Melanie Fullerton helped our firm with legal advice for some of our clients. Melanie was very knowledgeable, engaging, personable and professional. The advice she produced was of high quality.’
Key clients
Jewel Holdings Bermuda Ltd.
BlockFi Inc.
Our Kettle Inc.
ReFlex Solutions Ltd.
AVLA S.A.
OARRSINC
Work highlights
- Acted as lead legal counsel to Jewel Bank on the dual-licensing process for a full banking licence and a Class F licence.
- Acted as Bermuda counsel to BlockFi on its Class F Digital Assets Business Licence for its Bermuda subsidiary, BlockFi International Ltd.
- Acting for OARSSINC Ltd. to assist with the collection of certain taxes and to advise on the modernisation of the government’s tax management and recovery systems.
Carey Olsen Bermuda Limited
As a ‘superb team with real expertise‘, Carey Olsen Bermuda Limited‘s cross-disciplinary practice works with insurers and digital asset companies on economic substance matters, crypto regulatory reviews and compliance issues associated with high-value M&A and financing transactions. The ‘extremely well-connected‘ Michael Hanson specialises in contentious regulatory work, including multi-jurisdictional crisis management and regulatory investigations. Steven Rees Davies, who joined the firm from Appleby in August 2021, is a ‘stand-out‘ expert in fintech and digital asset regimes, while Mary Ward frequently advises on big-ticket transactions with a strong regulatory dimension. Other key names to note at the senior leadership level are Gavin Woods, who works with clients on all manner of corporate and commercial concerns, including licence applications in the insurance sector, and Keith Robinson, who specialises in dispute resolution. Senior counsel Michael Frith assists numerous clients with regulatory, compliance and economic substance requirements. Kyle Masters, who was promoted to partner in July 2022, is ‘an excellent regulatory specialist‘ who advises across the finance, energy, telecoms and health sectors.
Practice head(s):
Michael Hanson; Mary Ward; Keith Robinson; Gavin Woods; Steven Rees Davies
Other key lawyers:
Testimonials
‘The team has great depth of knowledge and is well-connected in Bermuda. When it comes to regulatory and compliance, these relationships are key to working through issues that are sometimes nuanced or sensitive.’
‘Kyle Masters is an excellent regulatory specialist. He is our go-to when we have tricky issues to overcome. He understands subtleties around compliance and regulatory law and finds the necessary solution.’
‘Michael Hanson is extremely well-connected.’
Key clients
Arthur J. Gallagher & Co.
Blockchain.com Group Holdings, Inc.
Coralisle Group Ltd.
Global Risk Technologies Ltd.
Monument Re Limited
The Joint Provisional Liquidators for World on Wireless Limited
Work highlights
- Retained by Blockchain.com Group Holdings Inc. to advise on the laws of Bermuda in relation to the legal and regulatory implications of advancing digital assets and fiat currency.
- Advised Global Risk Technologies Ltd. on its application to be licensed as an insurance marketplace provider.
- Assisted the Joint Provisional Liquidators with the sale of the business and certain assets of World on Wireless Limited to TeleBermuda International Limited.
Conyers
Conyers maintains a broad practice, acting for a mix of public and private sector clients on the regulatory aspects of various infrastructure projects, aviation finance leasings and associated sanction regimes, and incorporation and licensing matters. Practice chair Julie McLean adds ‘outstanding knowledge‘ to aviation finance and anti-money laundering matters within the investment funds space. Ben Adamson specialises in contentious employment and administrative law matters, appearing regularly in courts and tribunals, and on judicial review proceedings in the Court of Appeal. Other key figures include associates Andrew Barnes and Sarah Blair.
Practice head(s):
Other key lawyers:
Andrew Barnes; Ben Adamson; Sarah Blair
Testimonials
‘Always on top of things and delivers on time.’
‘Julie McLean brings outstanding knowledge and availability.’
Work highlights
- Advised Aircastle on the relevant Bermuda economic substance legislation and guidance notes applicable to Aircastle Group’s Bermuda entities.