Bermuda Regulatory Update: Q1 And Q2 2020

The pace of regulatory change at the end of 2019 was fast and furious which resulted in a raft of legislative changes that became operative during the first quarter of 2020. In addition to grappling with the challenges presented by the COVID-19 pandemic, Bermuda entities are also having to navigate this new regulatory landscape.

Key amongst the recent changes is the enhanced regulatory oversight and registration requirements resulting from the amendments to the Investment Funds Act, which bring into scope for the first time closed ended funds and certain overseas funds.

The EU announced in February 2020 that Bermuda had moved to the "whitelist" following efforts over the previous 12 months to implement legislative changes that comply with the EU's tax governance principles. These legislative changes included refinement of the Economic Substance Regulations, which required numerous entities to reassess the scope and applicability of the regime during the first half