Bermuda Press (Holdings) Ltd. (“BPHL”), the parent company for the local daily newspaper The Royal Gazette, commenced proceedings against the Registrar of the Supreme Court (the “Registrar”) following the Registrar’s refusal of BPHL’s application to obtain copies of Affidavits and Exhibits filed in a case pending in the Supreme Court. The case involved a dispute between Allied Development Partners and the Government of Bermuda with reference to the Hamilton Waterfront. BPHL sought to challenge the accepted legal view that documentation being used in ongoing legal proceedings is not open to public inspection, even if the parties to the proceedings do not oppose access to the documentation.
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.