Bermuda Monetary Authority To Regulate Corporate Service Providers

On 1 August 2012, the Bermuda Government passed the Corporate Service Provider Business Act 2012 (the "Act"). The Act regulates corporate service providers servicing clients of Bermuda who establish and maintain companies and partnerships on the island. The Act came into operation on 1 January 2013, with a transition period of 12 months.

Appleby Services (Bermuda) Ltd. ("ASBL") is a leading corporate service provider on the island and will be applying to become a licensed corporate service provider under the Act.

ASBL welcomes the licensing and ongoing regulation of the business of corporate service providers by the Bermuda Monetary Authority (the "BMA"). Not only does this step reinforce Bermuda's reputation as a robust and well-regulated jurisdiction, this Act also paves the way for the streamlining of certain procedures, such as the processes of incorporating companies, establishing partnerships and transferring shares.