Bermuda: Corporate/Commercial Law

The centrepiece of the proposed framework is the transformation of the existing Regulatory Authority into the Competition and Regulatory Authority (CRA). Whilst continuing to perform its existing sector-specific regulatory functions, the CRA is set to become a comprehensive market regulator, with new investigative, adjudicative and enforcement powers.

This background note summarises the Government of Bermuda’s announcements foreshadowing a Competition Act 2026, and is the first in a series of short articles in respect of this proposed legislation.

Bermuda's private equity funds face mounting pressure as net asset values concentrate in fewer, larger portfolios while traditional exit routes remain constrained. With merger and acquisition markets uncertain and distribution droughts complicating fundraising, sponsors must navigate continuation vehicles and NAV financing as alternative liquidity solutions, each carrying distinct structural complexities and contractual implications under Bermuda's flexible partnership framework.

The Bermuda Monetary Authority has completed its consultation on proposed new rules for the supervision of Internationally Active Insurance Groups, introducing enhanced qualitative requirements aligned with the Common Framework for the Supervision of IAIGs. These proposals would establish strengthened standards for corporate governance, risk management, liquidity oversight, and supervisory reporting for insurance groups operating across multiple jurisdictions.

The Bermuda Monetary Authority is implementing new Insurance (Internationally Active Group Supervision) Rules 2026 to align Bermuda's regulatory framework with international standards for Internationally Active Insurance Groups set by the IAIS. These proposed rules introduce enhanced governance, risk management, and reporting requirements for IAIGs domiciled in Bermuda, with final rules expected in Q4 2026 following a consultation period that closed on September 30, 2026.

George McCallum, Karim Creary, and Jarion Richardson examine Bermuda's anti-money laundering framework for Digital Asset Business Act licence applications, exploring the policies, procedures, and governance structures that applicants must establish. The discussion reveals common pitfalls in AML programme preparation and explains how the Bermuda Monetary Authority evaluates compliance effectiveness.

Bermuda's Beneficial Ownership Amendment Act 2026 introduces significant changes to transparency requirements for legal entities. The new Exemption Order provides relief from central filing obligations for certain qualifying entities, including those held by licensed trustees and investment funds. Understanding eligibility criteria and compliance conditions is essential for affected legal persons operating in Bermuda's regulatory framework.

The Government of Bermuda has enacted sweeping amendments to its beneficial ownership framework through three key pieces of legislation that significantly strengthen transparency requirements and compliance obligations.

Bermuda's Limited Liability Company (LLC) structure offers a compelling alternative to traditional companies and limited partnerships, combining governance flexibility with full limited liability protection for members who actively participate in management. This hybrid vehicle has evolved from a slow start to become an increasingly popular choice for investment platforms, joint ventures, and multinational structures seeking consistency across jurisdictions.

Company directors constitute fiduciaries under Bermuda law and therefore owe various duties to their company. The duties owed by the directors are founded in both legislation and the common law.

On 21 November 2025, Bermuda passed the Companies (Prohibition of Bearer Shares and Nominee Directors) Amendment Act 2025 (Act).

The Companies (Prohibition of Bearer Shares and Nominee Directors) Amendment Act 2025 (the "Act") was passed in the House of Assembly on 21 November 2025.