Legislation was recently put before Parliament to introduce Bermuda’s newest form of commercial vehicle: the limited liability company (“LLC”). The new law establishing the Bermuda LLC is heavily (and intentionally) influenced by the Delaware Limited Liability Company Act to accommodate the main efficiencies of a Delaware LLC.
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.
The vast majority of partnerships on the Bermuda registry are said to be private or closed-end funds. Hailed as an important part of the government’s efforts to achieve growth in the asset management area, amendments have been made to partnership and company legislation to enhance the flexibility and efficiency of Bermuda exempted and limited partnerships and to boost the desirability to use Bermuda as a jurisdiction to establish private equity funds and asset-holding structures.
MJM Limited was awarded Follow-On Deal of the Year this summer by shipping industry publication Marine Money Offshore for our work on the Golar LNG Limited $594 million follow-on equity offering in which we played a role as co-counsel to the issuer alongside Seward & Kissel. Latham & Watkins LLP was counsel to the underwriter.
The Bermuda Monetary Authority (“BMA”) held an informational session on the 24th of July, 2014 regarding the licensing of a CSP. Ms. Tamara Anfossi of the BMA announced that the CSP regime commencement date is pending amendments to the Exchange Control Act 1972 (“Foreign Exchange”). It is anticipated that the amendments to Foreign Exchange will be passed by Parliament prior to January, 2016.