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For the first time in Bermuda, the Corporate Service Provider Business Act creates a framework for regulating the activities of professional company secretaries and administrators and company formation agents and process agents: the industry of corporate service providers (CSPs). Codan entities that provide secretarial and administrative services to our clients will be brought within the scope of regulation by these reforms. The rationale is to prepare CSPs to be Bermuda’s primary gatekeepers once the Bermuda Monetary Authority (the “Authority”) has passed to them its responsibility for approving issuances and transfers of shares caught by Bermuda’s Exchange Control rules in respect of those clients to which CSPs provide a registered office and for whom they maintain a register of members.
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Corporate Service Provider Business Act 2012