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.
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.
In May of this year, the Attorney General introduced two Bills in the House of Assembly that contained several measures aimed at reforming Bermuda’s criminal law, with the goal of enhancing efficiency. The Disclosure and Criminal Reform Act 2015 (the “Reform Bill”) and The Criminal Jurisdiction and Procedure Act 2015 (the “Procedure Bill”) (together the “Bills”) were passed by the House of Assembly on 5 June 2015. They remain to be debated in the Senate.
In an anonymised ruling of December 2014, In the Matter of the Estate of PQR, Deceased  Bda No. 205, Chief Justice Kawaley analysed the legality of a forfeiture clause within a Bermuda will. The point of construction was one that had not been determined as a matter of Bermuda law and turned on the divergence between commonwealth case law (more hostile to the validity of forfeiture clauses) and English case law (less hostile to the notion of seeking to give reasonable effect to forfeiture clauses).