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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BMA consultation: Strengthening group supervision in Bermuda's insurance sector
On 4 December 2024, the Bermuda Monetary Authority proposed significant amendments to the Insurance Act 1978 to enhance its regulatory framework for group supervision. These proposals aim to improve the oversight of insurance groups, ensuring that Bermuda maintains its reputation as a robust international financial centre. Below, we explore the key proposals and their potential impact on Bermuda’s insurance industry.
08 Jan 2025
Commission updates FAQs on EU sanctions compliance by non-EU entities: The "best efforts" obligation under the EU Regulation 833/2014
On 22 November 2024, the European Commission updated its frequently asked questions on sanctions against Russia and Belarus. The update explains the "best efforts" obligation under Article 8a of Council Regulation (EU) No 833/2014 on the EU sanctions compliance obligations of EU operators and entities outside the EU, including those in Russia, that such operators own or control. This places a critical responsibility on EU operators to prevent any actions outside the EU that could undermine the prohibitions outlined in Regulation 833.
07 Jan 2025
Luxembourg introduces tax reforms to enhance competitiveness
On 11 December 2024, Luxembourg’s Parliament approved a series of tax measures aimed at supporting individuals and boosting the attractiveness of businesses. These changes, effective from tax years 2024 or 2025 depending on the provision, focus on reducing corporate tax burdens, updating rules, and aligning with international standards.
06 Jan 2025
Cyprus introduces new legislation on crowdfunding service providers for business
Cyprus has recently introduced the Provision of Crowdfunding Services for Businesses Law of 2024 (the Crowdfunding Services Law), to align with EU Regulation (EU) 2020/1503 on crowdfunding service providers for business.
03 Jan 2025
Cayman Islands Monetary Authority updates application process for VASP registration
On 12 December 2024, the Cayman Islands Monetary Authority announced updates to the registration process for Virtual Asset Service Providers via its REEFS portal. Starting 13 December 2024, the current application form (APP 101-84) is replaced by a new version, designed to enhance the efficiency and clarity of the registration process.
02 Jan 2025
Cayman Islands legislative update: Virtual Asset (Service Providers) (Amendment) Bill, 2024
The Cayman Islands’ Ministry for Financial Services and Commerce (FSC) has announced that the Virtual Asset (Service Providers) (Amendment) Bill, 2024 was published in the Official Gazette on 16 November 2024. The Bill is scheduled to be introduced during the next sitting of Parliament, marking a significant step in refining the Cayman Islands’ regulatory framework for virtual assets.
31 Dec 2024
BVI FSC and FIA release comprehensive guidance on enhanced customer due diligence
On 26 November 2024, the British Virgin Islands Financial Services Commission and Financial Investigation Agency jointly issued new guidance titled “Effective Enhanced Customer Due Diligence Measures”. This document aims to support Financial Institutions and Designated Non-Financial Businesses and Professions in managing risks tied to money laundering, terrorist financing, and proliferation financing, particularly when handling higher-risk customers or situations.
30 Dec 2024
Key details on New Ministerial Decree mandating registration of essential terms of employment
The Minister of Labour has, on 20 December, 2024, issued a decree (RAA 455/2024) (Decree) pursuant to section 11 (6) of the Transparent and Predictable Employment Terms Law, L. 25 (I)/2023, as amended (Law) (which itself transposes Directive (EU) 2019/1152 (Directive)) according to which all employers are required to submit in the governmental platform "ERGANI" all essential terms of their employees' employment agreements.
30 Dec 2024
New amendments to the BVI Business Companies Act: A closer look at the BVI Business Companies (Amendment) (No. 2) Act, 2024
On 4 December 2024, the Governor of the Virgin Islands approved the BVI Business Companies (Amendment) (No. 2) Act, 2024, marking a significant update to the legal framework governing BVI business companies. Officially gazetted on 6 December 2024, these amendments, which took effect retroactively from 1 September 2024, are designed to address logistical challenges and empower the Financial Services Commission (FSC) with additional authority to manage the filing of annual financial returns.
24 Dec 2024