BERMUDA Law and Practice Contributed by: Michael Hanson, Keith Robinson, Sam Stevens and Kyle Masters, Carey Olsen Bermuda Limited
ment system for use by all levels of the Bermuda court system. The system will incorporate elec- tronic filing and payment of fees and reduce the need for paper filing. The Chief Justice also announced extensive renovations to Bermuda’s court rooms, which will result in a dedicated courtroom for the Court of Appeal for Bermuda. There are otherwise no known proposals for dis- pute resolution reform in Bermuda. 14.2 Growth Areas Regulated entities in Bermuda are experiencing an uplift in activity from regulators, in particular, the Island’s pre-eminent financial regulator, the Bermuda Monetary Authority (BMA). The BMA has shown a willingness to exercise its powers of enforcement and oversight by, among other things, seeking the appointment of “light touch” provisional liquidators in an effort to protect investors and/or policyholders.
The introduction of the Digital Asset Business Act in 2018 has contributed to Bermuda’s growth as a jurisdiction which supports the digital asset industry. Such growth will inevitably result in a spate of regulatory, commercial and insolvency- related disputes touching on issues relating to digital assets in the jurisdiction. Finally, Bermuda remains a popular and attrac- tive trust and private wealth jurisdiction. Com- mentators expect that by 2030, a projected USD18.3 trillion in wealth will be transferred globally. We expect this to result in an uptick in significant trust restructuring applications before the Bermuda courts, with settlors and trustees wanting to ensure that their affairs are structured in a way which benefits future generations in the most efficient way. With that will inevitably also come a number of family and intergenerational disputes concerning the division of wealth.
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