Update On Beneficial Ownership Information Gathering In Bermuda

There have been recent changes for Bermuda companies in relation to the gathering and registration of beneficial ownership details and more changes are on the horizon, following a consultation on proposed amendments to the Exchange Control Regulations 1973.

Beneficial ownership register

Many Bermuda-registered companies are now subject to new beneficial ownership registration requirements by virtue of the Companies and Limited Liability (Beneficial Ownership) Amendment Act 2017, although this is likely to be of limited significance for Bermuda insurers and their affiliates, given that it does not extend to companies registered under the Insurance Act 1978 or to companies whose shares are listed on an appointed stock exchange or to their subsidiaries.