Bermuda Economic Substance Update On June 7

June 5, 2022 | 0 Comments

The Institute of Directors [IoD] Bermuda and Carey Olsen will be presenting the Bermuda Economic Substances Summary Update on June 7 from 9:30am to 10:30am.

A spokesperson said, “Due to popular demand, the Institute of Directors Bermuda and Carey Olsen will be presenting the Bermuda Economic Substances Summary Update on June 7th from 9:30am to 10:30am.

“The session is a repeat of the presentation held on May 18th, which had more than 200 participants. This virtual session provides a summary of the current Bermuda economic substance regime applicable to Bermuda entities. It also covers what directors should be thinking about from a Board perspective when considering the steps to take for compliance. Presenters Michael Frith, Senior Counsel, and Charissa Ball, Counsel, provide an update of the recent changes to the regime, and likely future developments.”

Charissa Ball, Counsel at Carey Olsen Bermuda, said, “The economic substance regime has developed and been updated since 2018, requiring Bermuda entities and their directors and managers, to remain cognizant of the applicable economic substance requirements and whether they comply with such requirements. We are pleased to give this presentation again to further assist the industry.”

Michael Frith, Managing Director of Carey Olsen Services Bermuda, said, “This presentation will provide a summary of the current Bermuda economic substance regime applicable to Bermuda entities and discuss what you should be thinking about from a Board perspective when it comes to considering the steps to take for compliance.

“We will also provide an update of the recent changes to the regime, and likely future developments which we find participants particularly appreciate hearing about.”

Danielle Riviere, IoD Executive Director, said, “The first session was such a success, and we had many inquiries about when we would offer it again, so we were excited when Carey Olsen representatives offered to run the course next week. Recognizing the June 22, 2022 compliance deadline, we want to ensure that Board Directors are informed and educated about what is required and their role in ensuring compliance.”

The spokesperson said, “To register or learn more about the Bermuda Economic Substance Presentation, please visit www.iod.bm/events or email info@iod.bm.”

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