About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Updates on Cayman Islands' CRS and FATCA reporting: Mandatory date of birth submission and 2023 reporting deadlines
In March 2024, the Cayman Islands' Department for International Tax Cooperation (DITC) issued a bulletin containing important updates regarding the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting requirements.
15 Apr 2024
Harneys BVI Regulatory team facilitates approval for a leading cryptocurrency market maker under VASPA
Our BVI Regulatory team recently advised Portofino Technologies Global, a prominent cryptocurrency market maker, in successfully securing approval from the Financial Services Commission under the Virtual Assets Service Providers Act.
11 Apr 2024
Update to BVI Economic Substance Rules: Important update for entities claiming non-residence via UAE corporate income taxes
On 2 April 2024, the BVI International Tax Authority published version four of its economic substance rules and explanatory notes, following the introduction of a federal corporate income tax system in the United Arab Emirates in respect of financial years beginning on or after 1 June 2023.
10 Apr 2024
AIFMD II published in the Official Journal of the European Union
On 26 March 2024, Directive (EU) 2024/927 amending the Alternative Investment Fund Managers Directive 2011/61/EU and the Undertaking for Collective Investment in Transferable Securities Directive 2009/65/EC was published in the Official Journal of the European Union.
09 Apr 2024
CSSF issues new guidelines for investor protection in collective investment undertakings
On 29 March 2024, Luxembourg’s Commission de Surveillance du Secteur Financier issued Circular CSSF 24/856, replacing Circular CSSF 02/77.
08 Apr 2024
ESMA releases third consultation package on MiCA
On 25 March 2024, the European Securities and Markets Authority released its third consultation package concerning the regulation of Markets in Crypto-Assets.
05 Apr 2024
New Memorandum of Understanding entered into between BVI Financial Authorities
On 31 January 2024, a Memorandum of Understanding between the BVI Financial Services Commission and the BVI Financial Investigation Agency was issued regarding collaboration in exchanging information relating to due diligence, money laundering, terrorist financing, proliferation financing, and in aiding the overall maintenance of the BVI's reputation as a financial hub.
04 Apr 2024
UK Government tightens sanctions: Ban on Russian diamonds extended to third country processors
On 28 February 2024, the UK Government published the Russia (Sanctions) (EU Exit) (Amendment) (Regulations) 2024, extending the ban on Russian diamonds to restrict the importation of specific Russian-origin diamonds processed in third countries, starting from 1 March 2024.
02 Apr 2024
New divestment licensing grounds under the UK-Russia sanctions regime, as relevant to BVI, Cayman and Bermuda
On 13 March 2024, two new UK-Russia sanctions licensing grounds were extended to the UK Overseas Territories: firstly, the UKOT competent authorities (eg BVI, Cayman Islands and Bermuda) may now issue licences to authorise “relevant transfers” for the purposes of divesting from investments held by UKOT persons in Russia; and secondly, licences may be issued entitling a UKOT person to acquire interests from designated persons provided any consideration due to the designated person is placed in a frozen account.
28 Mar 2024