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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Digital Services Act: Safeguarding online interactions in the EU
On 17 February 2024, the Digital Services Act (DSA) came into effect, applying to all online intermediaries operating within the EU. This comprehensive regulation aims to enhance online safety, fairness, and transparency for users.
24 Apr 2024
New guidance on Article 5r reporting requirements for outgoing transfers related to Russian-owned entities; Template reporting forms released
On 12 April 2024, the European Commission issued a set of much needed FAQs regarding reporting on outgoing transfers related to Article 5r under EU Council Regulation 833/2014.
19 Apr 2024
European Council gives final approval on a new directive to criminalise the violation and circumvention of EU sanctions
On 12 April 2024, the European Council gave the final approval of a new directive aimed at standardising the enforcement of EU sanctions across EU member states.
18 Apr 2024
CySEC clarifies its position on the “authorisation date” for licensed entities
On 4 April 2024, the Cyprus Securities and Exchange Commission (CySEC) published Circular C628 informing all entities under its supervision of the following:
17 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
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
Cyprus: Compliance deadline for the Beneficial Ownership Register is approaching
On 28 February 2024, the Registrar of Companies and Intellectual Property (the Registrar) issued a press release urging all companies, including those registered under the Companies Law (Chapter 113), the European Public Limited Liability Companies (SE), the Partnerships (together referred as Organisations) or their officials/partners, to participate in the final version of the Beneficial Ownership (BO) Register electronic system.
28 Mar 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 28 March 2024)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
28 Mar 2024