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Upon recommendation of the Organization for Economic Co-Operation and Development, Bermuda recently enacted the Registrar of Companies (Compliance Measures) Act 2017 which came into force on 24 March 2017.
Bermuda Corporate/Commercial Law
Upon recommendation of the Organization for Economic Co-Operation and Development (the "OECD"), Bermuda recently enacted the Registrar of Companies (Compliance Measures) Act 2017 (the "Act") which came into force on 24 March 2017.
At present, Bermuda registered entities are required to maintain certain books and records, including minutes and records of account, in Bermuda. The Act enhances the Bermuda Registrar of Companies' regulatory, inspection and enforcement powers with respect to those books and records maintained by registered entities which operate in or from within Bermuda to ensure that such entities are fully compliant with the requirements of their governing legislation.
The expansion of the Registrar's regulatory responsibilities will maintain Bermuda's favourable OECD rating and further demonstrates why the jurisdiction has respected status as a leader in compliance and transparency.
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