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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Streamlining licensing for Cyprus Investment Firms – MiFID II and MiCA
At present, Cyprus-based crypto exchanges that wish to provide services both in relation to spot crypto products and financial instruments such as crypto derivatives are subject to dual-licensing under the local AML legislation and the traditional investment services regime implementing EU Directive 2014/65/EU. The Cyprus Securities and Exchange Commission administers both regimes.
25 Apr 2024
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
Update to the BVI’s Mutual Legal Assistance (Tax Matters) Act 2003
The Minister, on the advice of the BVI International Tax Authority, made the Mutual Legal Assistance (Tax Matters) (Fees) Order 2024.
23 Apr 2024
Cyprus bail-in related support scheme: Deadline approaching
The Cyprus Ministry of Finance, in collaboration with the Deputy Ministry of Research, Innovation, and Digital Policy, announced in December 2023, the launch of the electronic service "Participation in the Replenishment Scheme of National Solidarity Fund."
22 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
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