AIMA Bermuda invites you to a roundtable discussion with Shauna MacKenzie, Bermuda Monetary Authority, about the proposed revisions to the Bermuda beneficial ownership disclosure regime

As you will be aware, the Ministry of Finance and Ministry of Economic Development with the Bermuda Monetary Authority made available for comment a Consultation Paper concerning the Proposed Revisions to Beneficial Ownership Disclosures dated 5 May 2017 (the Paper).  The financial services industry and other interested parties have been invited to submit their views on the proposals set out in Paper, with the deadline for submissions having been extended to 31 May 2017.

By way of background, the Paper outlines proposals to enhance Bermuda’s established beneficial ownership disclosure regime and contemplates certain legislative amendments which will include:

• imposing a duty on all entities to maintain a register of beneficial owners at the registered place, or other place, in Bermuda;
• introducing a registry for filing comprehensive information on local owners;
• expanding the scope of beneficial owners to include controllers for the purposes of the register; and
• ensuring that information that is not otherwise required to be filed is readily available in Bermuda.

In light of the significance of the proposed changes, AIMA Bermuda would like to encourage industry participants to review the Paper and provide comments to the BMA or the Ministry.  To facilitate this process, Shauna MacKenzie, Director, Policy, Legal & Enforcement, Bermuda Monetary Authority, will be attending an AIMA Bermuda roundtable discussion to provide further information on the suggested amendments to the current regime and provide industry with an opportunity to share their views on the proposals.  A light lunch will be provided.

Date: Monday 29 May 2017

Time: 1:00pm

Location: KPMG, Crown House, 4 Par-la-Ville Road, Hamilton HM 08

Please reply to AIMA Bermuda if you would like to attend.

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