Regulatory Blog

On 7 March 2025, the British Virgin Islands Financial Services Commission issued an update through Industry Circular 12 of 2025 regarding the implementation of beneficial ownership filing requirements. This blog post outlines the key changes under the BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024 and provides guidance on the phased implementation.

On 7 March 2025, the British Virgin Islands Financial Services Commission published its detailed timeline for the rollout of key functionalities related to Beneficial Ownership filings, as well as the management of Registers of Directors, Registers of Members, Registers of Limited Partners, and Registers of General Partners. This phased approach aims to enhance compliance and operational efficiency for stakeholders.

The Cayman Islands Monetary Authority (CIMA) recently issued a Warning Notice citing significant breaches of the Securities Investment Business Act (SIB Act) and other key regulations. This guide outlines the key breaches, proposed actions, and valuable lessons for financial entities to ensure compliance.

On 21 February 2025, the BVI Financial Services Commission released a series of three educational videos designed to develop understanding and bolster compliance regarding Proliferation Financing. These videos serve as a valuable resource for licensed entities seeking to enhance their risk management strategies.

On 7 February 2025, the Central Bank of Cyprus issued a warning to investors about the risks associated with crypto assets, for the purposes of protecting financial stability and consumer protection.

On 3 February 2025, the Bermuda Monetary Authority launched a call for proposals to explore embedded supervision within Decentralised Finance. This initiative aims to integrate regulatory oversight directly into blockchain-based financial ecosystems, ensuring compliance through automation.

On 29 January 2025, Luxembourg’s tax authority published Circular L.I.R. n° 164/1, replacing the guidelines issued in 1998. This development modernises the rules for determining interest rates applicable to shareholder current accounts, introducing critical changes grounded in the arm’s length principle.

The European Central Bank has issued Decision (EU) 2025/222 of 27 January 2025 which grants non-bank payment service providers access to Eurosystem central bank operated payment systems and central bank accounts.

On 21 February 2025, the BVI Financial Services Commission released its revised Handbook on International Co-operation and Information Exchange. This updated guide reflects the BVI’s commitment to international collaboration in tackling critical global issues, including money laundering, terrorism financing, and the proliferation of weapons of mass destruction.