The word exemption is used three times in Bermuda's beneficial ownership framework, and it means something different each time. Establish which one is in question before relying on any of them.
Three exemptions, which are not the same thing
| Exempt from the regime | Listed entities and their subsidiaries. The Act does not apply to them once evidence has been provided |
| Exempt from filing | Specified legal persons under the Exemption Order. Every other duty still applies |
| Exempt from disclosure | Granted to a beneficial owner on application. We hold the information but do not disclose it |
Exempt from the regime: listed entities
Only two categories are outside the Act altogether.
- a legal person whose shares or interests are listed on the Bermuda Stock Exchange or an appointed stock exchange
- a subsidiary of such an entity, being one in which the listed entity holds seventy-five per cent or more, or over which it exercises ultimate effective control or control by other means
You must confirm your exempt status to us with evidence of the listing, and notify any change in listing status within thirty days.
Exempt from filing: the Exemption Order 2026
Exempt from filing is not exempt from the duties
This exemption is from the requirement to file your minimum required information with us. Your duties to identify your beneficial owners, verify them, maintain your register and keep it adequate, accurate and current are unaffected.
The specified legal persons are:
- a legal person that is a licensed trustee
- a legal person whose shares or interests are held by a licensed trustee, or by a trustee licensed or regulated by a competent overseas regulatory authority
- a legal person that is an investment fund
- a parent undertaking or subsidiary undertaking of an investment fund
- a legal person whose shares or interests are held by a private trust company, where a Bermuda licensed corporate service provider or licensed trustee has been appointed with responsibility for that company's compliance with the Act and the Regulations
The conditions for the filing exemption
- Appoint a contact person who is regulated or licensed by the Bermuda Monetary Authority for anti-money laundering, anti-terrorist financing and anti-proliferation financing purposes.
- Give that contact person access at all times to your beneficial ownership register, and to any other beneficial ownership information you must hold under the Proceeds of Crime Act 1997 or another statutory provision. For a trust, that includes the information required under sections 25A and 25B of the Trustee Act 1975.
- Give us the contact person's details. Filing with the Registrar and keeping it current
- Make sure your contact person provides information to us promptly when we ask for it.
Tell us within thirty days if you stop qualifying
If you no longer meet one or more of the conditions, notify us as soon as practicable and not later than thirty days after you cease to qualify.
Exempt from disclosure: applications by a beneficial owner
A beneficial owner, a person authorized to act for a beneficial owner who is a minor or otherwise unable to apply, or an individual who proposes to become a beneficial owner, may apply to us for an exemption from disclosure to an obliged entity or to a person claiming a legitimate interest.
The grounds are that disclosure would put the owner or a member of their immediate family at serious risk of fraud, kidnapping, blackmail, extortion, harassment, violence, intimidation or similar harm; that the information relates to a child or an individual lacking legal capacity; that disclosure would raise or affect national security issues, in Bermuda or elsewhere; that disclosure is not in the public interest; or that other exceptional circumstances warrant refusal.
We decide the exemption first
Where an exemption application has been made and a disclosure application follows, we determine the exemption application before dealing with the disclosure application.
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