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

Luxembourg update: CSSF Press Release of 31 January 2020 in the context of Brexit

On 31 January 2020, Luxembourg’s financial supervisory authority, the Commission de Surveillance du Secteur Financier (the CSSF) issued press release 20/03. The communication follows up on previous CSSF communications in the context of Brexit regarding the transitional regime under the laws of 8 April 2019 on Brexit and the mandatory notifications through the eDesk portals.

Chiara Deceglie, Evi Koutsioumpa

EU competent authorities to cooperate on AML/CFT matters

On 16 December 2019, the European Banking Authority (EBA), in coordination with the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) published joint guidelines on cooperation and information exchange, establishing colleges of anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors for the first time in the European Union.

Aki Corsoni-Husain, Andreas Stavrou,
Chiara Deceglie

ATAD 2 and expiry of tax rulings issued prior to 2015 passed by the Luxembourg Parliament

On 19 December 2019, the Luxembourg Parliament passed the law implementing the EU Directive 2017/952 of 29 May 2017 amending Directive (EU) 2016/1164 relating to hybrid mismatches with third countries (ATAD 2). ATAD 2 which modifies and replaces article 168ter of the Luxembourg Income Tax Law, largely follows the text of the EU Directive and covers hybrid financial instrument mismatches, hybrid entity or permanent establishment mismatches hybrid financial instruments mismatches, hybrid transfers, imported mismatches and tax residency mismatches. The provisions of ATAD 2 will apply as from 1 January 2020 except for the provisions relating to reverse hybrids which will apply as from 1 January 2022.

Andrew Knight, Evi Koutsioumpa
Tax

CSSF guidance on persons involved in AML/CFT for Luxembourg regulated funds and investment fund managers

The CSSF has recently provided helpful guidance to Luxembourg investment fund managers (Chapter 15 & 16; AIFMs and registered AIFMs) and regulated funds (SIFS, Part II, SICAV and UCITS) including regulated funds that do not qualify as AIFs (such as family funds) on how these entities should meet their obligations under Article 4(1) of the law of 12 November 2004 (adequate internal management requirements).

Vanessa Molloy
AML