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ARTICLE · 13 NOVEMBER 2020

Banking & Finance - Bermuda: Law And Practice

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The publication provides guidance on the current Banking and Finance market, including a panoramic view of the impact of the current regulatory environment and economic cycles, the impact of the COVID-19 pandemic, ...

BermudaFinance and Banking
Adam Bathgate
Adam Bathgate
Nathalie West
Nathalie West
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1. Loan Market Panorama

1.1 Impact of Regulatory Environment and Economic Cycles

There have not been any significant legislative or regulatory changes affecting the rights of lenders or secured creditors, or that would affect Bermuda's status as a leading creditor-friendly jurisdiction. See 1.6 Legal, Tax, Regulatory or Other Developments regarding the impact of Bermuda's economic substance regime and the Incorporated Segregated Accounts Companies Act 2019.

After emerging from the recession caused by the global financial crisis a decade ago, Bermuda's economy had shown three years of growth prior to the COVID-19 pandemic, driven principally by increases in tourism and by major projects such as the construction of a new terminal at the island's L.F. Wade International Airport. With the USA being Bermuda's largest trade partner and the source of the majority of its tourist visitors, Bermuda is exposed to volatility in the US economy.

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