Regulatory

Blog

Regulatory

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, Cyprus and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Jermaine Case
Jermaine Case
  • Jermaine Case

  • Associate
  • British Virgin Islands
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

CySEC working hours during COVID-19 outbreak

The Cyprus Securities and Exchange Commission (CySEC) issued a notice on 16 March 2020 informing the public that almost all CySEC staff is working remotely. Only the crisis management team will continue work at CySEC’s premises, in order to deal with urgent issues that may arise.

Aki Corsoni-Husain

CySEC advises on Business Continuity and Contingency Plans amid COVID-19

On 6 March, 2020, the Cyprus Securities and Exchange Commission (the “CySEC”) issued Circular 358 encouraging its Regulated Entities, such as CIF, AIF, AIFMD, RAIF and UCITS, to review their business continuity and disaster recovery systems, in response to the outbreak of COVID-19 and make the necessary amendments based on each entity’s size, complexity and nature of business.

George Apostolou

CySEC’s circular on FATF’s Beneficial Ownership for Legal Persons

Cyprus Securities and Exchange Commission (CySEC) issued Circular 357 with regards to the Financial Action Task Forces’ (FATF) latest publication on Best Practices on Beneficial Ownership for Legal Persons (the Report) to help countries eliminate the cloak of secrecy concerning the ultimate owner of a company, foundation, association or any other legal person, and prevent their misuse for crime and terrorism.

Andrea Moundi Savvides

Cyprus Bar Association’s mandatory questionnaire on AML/CFT

On 25 February 2020, the Department of Supervision and Compliance of the Cyprus Bar Association (CBA) announced that all supervised entities (lawyers (employees and self-employed), LLC/Partnerships, ASP), as part of the implementation of its Risk-Based Approach, are obliged to follow CBA’s online procedure in regards to The Prevention and Suppression of Money Laundering Activities and Terrorist Financing.

Andrea Moundi Savvides

EU sanctions two Turkish executives

Following the framework for restrictive measures in response to Turkeys illegal drilling activities set up in November 2019, the European Union has placed two persons, Mehmet Ferruh Akalin, the Vice-President (Assistant General Manager) and member of the Board of Directors of the Turkish Petroleum Corporation and Ali Coscun Namoglu, the Deputy Director of the Exploration Department of the Turkish Petroleum Corporation under restrictive measures in relation to Turkey's unauthorised drilling activities in the Eastern Mediterranean within Cypriot territorial waters.

Aki Corsoni-Husain