The Bermuda branch of the Institute of Directors and law firm Carey Olsen Bermuda are to present a free session about the island’s economic substance regime.

The Bermuda Economic Substance: Summary and Update presentation will be held virtually on Tuesday from 9.30am until 10.30am.

The session is a repeat of the presentation held on May 18, which attracted more than 200 participants.

This 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.

Carey Olsen presenters, Michael Frith, senior counsel, and Charissa Ball, counsel, will provide an update of the recent changes to the regime, and likely future developments.

Ms Ball said: “The economic substance regime has developed and been updated since 2018, requiring Bermuda entities and their directors and managers, to remain cognisant 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."

Mr Frith, managing director of Carey Olsen Services Bermuda, added: "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.

“Recognising the June 22 compliance deadline, we want to ensure that board directors are informed and educated about what is required and their role in ensuring compliance.”

To register, or learn more, see www.iod.bm/events or e-mail info@iod.bm.