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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UK Government issues guidance on second-hand vessel sales to prevent Russia sanctions evasion
On 21 May 2024, the UK Government released new guidance on the sale and brokering of second-hand vessels, specifically addressing the sale of oil tankers to third countries under the current Russia sanctions regime.
25 Jun 2024
Cayman Islands: Market conduct guidelines for trust and corporate services providers and company managers
On 22 May 2024, the Cayman Islands Monetary Authority (CIMA) published to the official gazette the "Rule and Statement of Guidance" for Trust and Corporate Services Providers (TCSPs) and Company Managers.
12 Jun 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 31 May 2024)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
31 May 2024
Cayman Islands regulatory framework for Virtual Asset Service Providers: Registration and Licensing Guidelines
The Cayman Islands Monetary Authority (CIMA) released its regulatory policy establishing criteria for approving the registration or licensing of virtual asset service providers (VASPs) as per the Virtual Asset (Service Providers) Act (VASP Act). This policy has been published in the official gazette on 15 May 2024.
30 May 2024
UK updates financial sanctions general guidance
In a move to provide clarity and enhance understanding, the UK Office of Financial Sanctions Implementation has revised its financial sanctions general guidance. Released on 13 May 2024, this update primarily focusses on Section 6, which relates to licensing.
24 May 2024
Update on audit waiver application process for Cayman Islands regulated funds
The Cayman Islands Monetary Authority has updated the process for submitting Audit Waiver applications for regulated funds through the Regulatory Enhanced Electronic Forms Submission portal. This enhancement allows for the complete processing of Audit Waiver applications within REEFS.
22 May 2024
UK and US tighten restrictions on Russian metal exports
On 12 April 2024, the UK and the US jointly announced stricter measures against Russian metal exports, bringing the London Metal Exchange and the Chicago Mercantile Exchange into the existing bans. This move prohibits the on exchange trading of new aluminium, copper, and nickel produced by Russia.
21 May 2024
OFSI launches new financial sanctions FAQs
On 1 May 2024, the UK Office of Financial Sanctions Implementation introduced the financial sanctions Frequently Asked Questions as additional guidance.
14 May 2024
Industry consultation: Enhancing beneficial ownership transparency in Cayman Islands
On 30 April 2024, the Cayman Islands Ministry of Financial Services and Commerce published a public consultation seeking feedback on the draft Beneficial Ownership Transparency Regulations, 2024, alongside accompanying guidance documents. These regulatory measures are designed to support transparency within legal entities operating in the Cayman Islands, aligning with international standards and best practices.
13 May 2024