MPs to refine island’s secure database of corporate details
Legislation transferring Bermuda’s beneficial ownership register to the Registrar of Companies has been tabled in the House of Assembly.
David Burt, the Premier and Minister of Finance, told MPs that the central register would be moved from the purview of the Bermuda Monetary Authority.
The Act will broaden the definition of beneficial owner to apply to different categories, and will empower the Registrar of Companies to give details from the register to “specified competent authorities and obliged entities”, Mr Burt said.
It will also enable the minister to make regulations for “applications by beneficial owners for the suppressing of their information on the central register, for the reporting of discrepancies in beneficial ownership information by persons to whom the registrar has disclosed such information, for actions to be taken by the registrar following receipt of a discrepancy report and for the registrar to control the issue and transfer of securities”.
Mr Burt said amendments could be added when the Beneficial Ownership Act 2025 comes up for debate, and that feedback on the legislation could be e-mailed to rocpolicy@gov.bm before August 15.
• To read the Premier’s statement in full, see Related Media
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