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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ESMA seeks input on Liquidity Management Tools for funds
On 8 July 2024, the European Securities and Markets Authority initiated a consultation on draft guidelines and technical standards under the revised Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. These directives aim to enhance financial stability and standardise liquidity risk management across the investment funds sector.
15 Jul 2024
Compliance alert: G7+ oil price cap risks
On 17 May 2024, the European Commission issued an alert regarding potential circumvention of price caps on Russian-origin crude oil and petroleum products, specifically Urals and Eastern Siberia Pacific Ocean crudes. This alert highlights the risks of trading Russian oil near the US$60 per barrel cap amid fluctuating global oil prices.
12 Jul 2024
Luxembourg's new tax bill: Aligning with OECD guidance on Pillar Two
On 12 June 2024, Luxembourg's government submitted a new bill to Parliament, aiming to amend and complete the Luxembourg law of 22 December 2023 implementing the Pillar Two Directive on minimum taxation.
11 Jul 2024
CySEC mandatory survey for regulated entities active in crypto-assets
On 26 June 2024, the Cyprus Securities and Exchange Commission issued Circular 648 informing regulated entities about the notification procedure under Article 60 of Regulation 1114/2023 on markets in crypto-assets.
10 Jul 2024
CySEC seeks market input on MiCA fees and reporting requirements
On 26 June 2024, the Cyprus Securities and Exchange Commission (CySEC) released a Consultation Paper (CP-01-2024) to gather feedback on the proposed fees for actions taken by entities in relation to Regulation 1114/2023 on markets in crypto-assets (MiCA Regulation).
09 Jul 2024
2024 Terrorist Financing Risk Assessment Survey conducted by the BVI
On 21 June 2024, the BVI Financial Services Commission (FSC) published Circular 21 advising the industry that is currently updating its Terrorist Financing (TF) Risk Assessment, originally conducted in 2020, to maintain an ongoing understanding of TF risks.
05 Jul 2024
BVI FSC reminds the industry of filing deadlines and guidelines
On 28 June 2024, the BVI Financial Services Commission (FSC) published Industry Circular 23 to remind all regulated entities of their upcoming filing and submission deadlines. While the provided schedule is a helpful reference, entities are still responsible for timely submissions despite any potential errors or omissions in the schedule.
05 Jul 2024
EU Court of Justice rules on national law application for cross-border companies
On 25 April 2024, the Court of Justice of the European Union ruled that Italian legislation requiring the application of Italian law to the management activities of companies registered in other EU Member States but primarily operating in Italy constitutes a restriction on the EU principle of freedom of establishment, one of the fundamental principles of EU law.
04 Jul 2024
New EBA regulations strengthen governance, conflict management and remuneration policies for crypto assets
On 6 June 2024, the European Banking Authority enhanced the regulatory framework for crypto assets by publishing a package with three new regulatory products under the Markets in Crypto-Assets Regulation. These products focus on governance, conflicts of interest and remuneration aiming to create a transparent, secure, and well-regulated market in crypto assets.
03 Jul 2024