Bermuda Simplifies Prospectus Rule With Companies Amendment Bill 2013

Bermuda's Companies Amendment Bill 2013 (the "Amendment Bill") has been approved by the House and Senate to simplify and improve efficiency in the administration of Bermuda companies.

The Amendment Bill provides that a Bermuda company does not need to publish and file a prospectus in Bermuda if a prospectus has already been received or otherwise accepted by an appointed stock exchange or any competent regulatory authority in connection with the offer of shares to the public.

This reduces the level of paperwork required to be certified by the Board and delivered for filing in Bermuda that would otherwise arise from a public offering of shares, which results in a reduction in both the time and cost for Bermuda companies.