Tue, Jul 17, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Bermuda gains competitive advantage through early adoption of new privacy standards and regulations

Tuesday, January 02, 2018

Komfie Manalo, Opalesque Asia:

Regulations will continue to have a big impact on the operations of organizations in any financial centers. For substantive jurisdictions like Bermuda, Christopher Eaton, lead of Cyber Security for the KPMG Island's Group, "regulatory change represents an opportunity to show what a great job we can do to meet the challenges of those changing requirements."

Extraterritorial reach of regulations

"We are now seeing regulation with extra-territorial reach effecting operations in Bermuda," Eaton stated at the latest Opalesque 2017 Bermuda Roundtable. He cited as an example the 23 NYCRR500 introduced by the New York State Department of Financial Services (DFS) in late 2016, which sets out specific cybersecurity requirements for licensed entities.

Because the new rules includes most banks, financial services entities and insurance entities licensed by the state, subject to certain exemptions, a number of Bermuda companies are in scope and have had to respond accordingly.

Eaton said the response to the new requirement illustrates where Bermuda can potentially accrue competitive advantage because it demonstrates the substance and capability within the jurisdiction. "It's the substance of Bermuda that makes the difference in many respects. Collectively, we do an increasingly better job ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Bill Ackman is betting big on himself[more]

    From the NY Post: Bill Ackman can thank ADP, Chipotle for his comeback Bill Ackman's next big investment is himself. Since the end of May, Ackman has purchased $292 million worth of shares of Pershing Square Holdings - the publicly traded vehicle of his hedge fund, according to a statement r

  2. Comments - The problems hedge funds and PE firms have connecting with the super rich and single-family offices[more]

    From Forbes.com: The world of the super-rich (net worth = $500 million or more) and their single-family offices is expanding at a tremendous rate. This growth correlates to the increase in the growth of extreme wealth. What is very telling is that a large percentage of the super-rich are highly moti

  3. Andreessen Horowitz's cryptocurrency fund makes its first investment, The media challenge for cryptoasset investors[more]

    Andreessen Horowitz's cryptocurrency fund makes its first investment After the launch of a blockchain and crypto-focused hedge fund, Silicon Valley investment houseAndressen Horowitz (A16Z) has announced a $45 million funding in blockchain-based privacy emphasized cloud project "Oasis La

  4. Blackstone, Goldman Sachs take minority stake in Francisco Partners[more]

    Komfie Manalo, Opalesque Asia: Hedge fund managers Blackstone Alternative Asset Management and Goldman Sachs Asset Management (GSAM) took a minority

  5. Ackman's comeback: How to ride his revival[more]

    From Barrons: Bill Ackman has endured a humbling three years: big public losses, an exodus by investors, and what a CEO calls an "ass-whooping" in an activist campaign. Now, the hedge fund titan could be making a comeback. Ackman's publicly traded investment vehicle, Pershing Squar