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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BVI FSC releases updated annual return forms for insurance sector
On 16 January 2024, the BVI Financial Services Commission announced the release of updated annual return forms, in an effort to enhance reporting efficiency and compliance within the insurance sector.
27 Mar 2024
BVI FSC issues reminder about AML returns filing obligations
On 18 January 2024, the BVI Financial Services Commission, in accordance with regulatory requirements, published Circular 2 of 2024 to remind all regulated persons under various licencing categories of the upcoming deadline for Anti-Money Laundering Returns submission.
27 Mar 2024
Introducing the Harneys MiCA Assessment Tool: A guide to navigate EU crypto regulations
With the rules in EU Regulation 1114/2023 on markets in crypto-assets (MiCA) becoming applicable by the end of 2024, staying compliant is crucial for businesses operating within the European Union/the European Economic Area (EEA). To assist crypto-industry participants in understanding their regulatory obligations under MiCA, Harneys proudly presents its new MiCA Assessment Tool.
25 Mar 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 ITA releases a notice on temporary delay in BVI FARs payment portal deployment
On 5 March 2024, the BVI International Tax Authority issued a notice regarding the BVI FARs payment portal, addressing concerns and inquiries raised by users.
19 Mar 2024
CJEU ruling on the IAB Europe case reshapes digital advertising landscape
On 7 March 2024, in a landmark decision, the Court of Justice of the European Union clarified the rules surrounding the concepts of “personal data” and “data controller” in the context of the auctioning of personal data for advertising purposes under the General Data Protection Regulation.
18 Mar 2024
Breaking news – European Parliament approves AI Act: What you need to know
On 13 March 2024, the European Parliament officially approved the AI Act, the world’s first regulation on artificial intelligence, with an overwhelming majority. The AI Act is a set of regulations designed to govern the deployment and use of AI systems – its mission is to both recognise the transformative potential of AI across various sectors, including healthcare, transportation, manufacturing, and energy, while also acknowledging the need for robust oversight to ensure the technology's safe and ethical utilisation.
14 Mar 2024
Insights from EDPB's One-Stop-Shop case digest on Security of Processing and Data Breach Notification
On 18 January 2024, the European Data Protection Board published a One-Stop-Shop case digest on Security of Processing and Data Breach Notification. The Case Digest looks at a selection of decisions on security of processing and personal data breach notifications taken from the EDPB’s public register. It is based on a review of 90 decisions made between January 2019 and June 2023, covering Articles 32, 33, and 34 of the GDPR.
13 Mar 2024
Cyprus-UK collaboration in relation to the Sanctions Implementation Unit in Cyprus and the improvement of the Cyprus Legal Framework on sanctions
On 5 February 2024, the Cyprus Ministry of Finance announced that the UK project team designated to initiate the establishment and operation of the National Sanctions Implementation Unit and enhance the sanctions legislative framework, visited Cyprus from 30 January 2024 to 1 February 2024.
12 Mar 2024