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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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
EU implements Pillar 2 Directive
On 1 January 2024, the European Commission announced the entry into effect of its “Pillar 2” regime establishing a 15 per cent minimum effective taxation for large multinational companies in EU Member States.
31 Jan 2024
OECD issues additional guidance on Pillar Two implementation
On 18 December 2023, the Organisation for Economic Cooperation and Development issued additional technical guidance regarding the implementation of the global anti-base erosion model rules following the first two sets of guidance issued respectively in February and July 2023. The new guidance will be incorporated into a revised version of the commentary to be released during 2024 and will replace the original version issued in March 2022.
12 Jan 2024
Pillar 2 adopted in Luxembourg
On 20 December 2023, the Luxembourg parliament has adopted Bill no. 8292, implementing Directive (EU) 2022/2523 on global minimum taxation for multinational enterprise groups, Pillar 2.
21 Dec 2023
Changes in investment strategy reporting impact funds: Important updates from CIMA
On 8 November 2023, the Cayman Islands Monetary Authority published a general industry notice to advise that effective 15 November 2023, it will implement changes to enhance monitoring and reporting accuracy for Mutual Funds and Private Funds. These changes will impact the information required when registering funds.
15 Nov 2023
AIMA and other fund industry associations join forces to challenge US Securities and Exchange Commission’s new Private Fund Advisers Rules
On 1 September 2023, the Alternative Investment Management Association Limited, along with the National Association of Private Fund Managers and four other business trade associations, filed suit in the US Court of Appeal for the Fifth Circuit, asking the Court to set aside the final Private Fund Advisers Rules, adopted by the Securities and Exchange Commission on 23 August 2023 on the grounds that they exceed the agency’s statutory authority and are contrary to law.
20 Sep 2023
CySEC's Circular on forced transfers of Russian securities
On 11 September 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 596 regarding Russian Federation Federal Laws No. 319-FZ (Law 319-FZ) and No. 519-FZ (Law 519-FZ), which concern certain transfers of Russian securities, known as forced transfers, further defined below.
18 Sep 2023
EU reaches provisional agreement on AIFMD II and UCITS “plain-vanilla EU investment funds”
On 20 July 2023, negotiators from the European Council and the European Parliament reached a provisional agreement on new regulations aimed at improving European capital markets and strengthening investor protection in the EU. The agreement focuses on revising the Alternative Investment Fund Managers Directive (AIFMD), broadly referred to as AIFMD II, which governs managers of various investment funds including hedge funds, private equity funds, and real estate funds in the EU. Additionally, it modernises the framework for “plain-vanilla” EU-harmonised retail investment funds known as undertakings for collective investment in transferable securities (UCITS).
23 Aug 2023