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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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
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
BVI removed from French tax blacklist
On 7 March 2024, the British Virgin Islands was removed from France's blacklist of non-cooperative tax jurisdictions, as announced in an official statement by BVI Premier Dr Natalio D Wheatley.
22 Mar 2024
BVI invites consultation on OECD Pillar 2 implementation
On 19 January 2024, the BVI Ministry of Finance, invited competent firms to pitch for consultancy services to assist the BVI in determining its position on the implementation of the jurisdiction’s approach to Pillar 2.
21 Feb 2024
Bermuda introducing Corporate Income Tax for Multinational Enterprise Groups
At the end of December 2023, Bermuda’s Parliament passed draft legislation for the implementation of the Corporate Income Tax (CIT), that would apply to Bermuda based businesses within Multinational Enterprises (MNEs) with annual revenue of €750M or more.
21 Feb 2024
Cutting-edge innovation: Introducing our Regulatory and Tax Disclosure tool
We are excited to share details of our Regulatory and Tax Disclosure tool which launched on 20 November 2023.
05 Feb 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
New Luxembourg VAT on directors’ fees
On 21 December 2023, the Court of Justice of the European Union (CJEU) rendered its judgment in the case C-288/22 on the VAT treatment to be applied to directors’ fees.
24 Jan 2024