Author: Jeremy Leese

07 May 2018

Jeremy Leese
During April 2018, the Government of Bermuda tabled the Companies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018 (the “ICO Act”), introducing a statutory framework for initial coin offerings (“ICOs”). By implementing this new legislation, the Bermuda Government is hoping to lay the foundation for the jurisdiction to become a leading global blockchain and ICO centre. The ICO Act regulates offerings of ‘digital assets', which are meant to capture all of the various categories of digital coins and tokens (whether they be utility, securitized, equity or otherwise) being issued as ICOs and via token sales. The purpose of the ICO Act is to only regulate those ICOs and token sales which are public crowd funding or similar type projects. It is not intended to regulate either private sales or those which are engaged in the business of pure virtual currency issuances. Digital asset offerings will be conducted in accordance with the requirements of published regulations as well as ongoing supervision and compliance requirements, including AML/ATF.
13:09 / Bermuda Case Law & Legislation / Bermuda Government / Company & Commercial Law
06 Mar 2018

Jeremy Leese
The recent Budget announcement by the Bermuda government included one significant policy proposal which has the power to provide a welcome stimulus to the Bermuda economy over the course of the coming years.  The Premier, also Minister of Finance, David Burt, indicated that a relaxation of the business ownership ‘60:40 rule’ was to be implemented to boost investment by non-Bermudians. For those not familiar with this rule, Bermuda companies fall into two principal categories:

(i)  local companies, which are usually incorporated by Bermudians to trade primarily in Bermuda; and

(ii) exempted companies, which are usually incorporated by non-Bermudians for the purpose of conducting business outside of Bermuda.

20:05 / Bermuda Government / Company & Commercial Law
23 Nov 2016

Jeremy Leese
As I sat in my hotel room in New York in the early hours of Wednesday, 9th November 2016, having been awoken from my slumber by the screaming and cheering from across the road at the Hilton’s Trump Election Party, my first thought was that the world in which we live will most certainly change once President-Elect Trump vacates his golden palace for a White House early in the new year. Change for sure, but for the better? And, if so, who is most likely to benefit? Much closer to home, what does it mean for us here in Bermuda?
13:59 / Bermuda Government / Miscellaneous
19 Oct 2016

Jeremy Leese
With effect from 1st October 2016, the governmental departments responsible for the oversight of the aviation and shipping sectors became “quangos” newly titled as the Bermuda Civil Aviation Authority and the Bermuda Shipping and Maritime Authority. The aim of granting such status is to boost revenue from the registration of both vessels and aircraft, by making Bermuda more competitive in the global shipping and aviation markets.
17:56 / Bermuda Government / Company & Commercial Law
08 Jul 2016

Jeremy Leese
Setting aside the effects on the UK economy, which are already being felt with political turmoil, the fall of the pound, billions being slashed from UK stocks worldwide and the potential break-up of the United Kingdom itself, one little examined effect is how its overseas dependent territories, of which Bermuda is one of the largest, would fare in the post-Brexit world, particularly in their relationship with the EU that the UK is leaving behind.
15:20 / Company & Commercial Law / Insurance / Labour, Employment & Immigration law / Miscellaneous
20 Aug 2015

Jeremy Leese
Bermuda is firmly established as the offshore jurisdiction of choice in aviation finance; however, one missing piece in the jigsaw puzzle within this sector has been the non-implementation in Bermuda of what is known as the Cape Town Convention. The Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (together the “Convention”) came into force on 1 March, 2006. The Convention facilitates aircraft finance transactions by providing a regularised electronic international registry of “international interests” over moveable property (the “International Registry”), such International Registry being recognised in all Contracting States (being countries which have implemented the Convention). The Convention also sets out a framework for dispute management as well as remedies and relief available to creditors.
19:36 / Company & Commercial Law