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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ESAs designate critical ICT third-party providers under DORA
On 18 November 2025, the European Supervisory Authorities officially designated critical Information & Communication Technology third-party providers under the Digital Operational Resilience Act. This milestone strengthens the EU's financial sector's operational resilience by ensuring robust oversight of key ICT service providers.
29 Dec 2025
Crypto-Assets: Key warnings to EU consumers
On 6 October 2025, the European Supervisory Authorities issued a warning about the risks of crypto-assets. While the EU's new Markets in Crypto-Assets Regulation provides some safeguards, the crypto market encompasses a wide range of assets that remain volatile, complex and prone to scams.
12 Nov 2025
ESMA’s investor alert: Risks of CASPs offering unregulated crypto products
On 11 July 2025, the European Securities and Markets Authority issued a warning to investors about the risks associated with unregulated products offered by regulated crypto-asset service providers. This "halo effect" can lead to confusion, as clients may mistakenly believe that all products and services offered by a regulated CASP are protected under the Markets in Crypto-Assets Regulation.
22 Oct 2025
ESMA reviews Malta’s MiCA authorisation standards
On 10 July 2025, the European Securities and Markets Authority published a peer review on the Malta Financial Services Authority's authorisation of Crypto Asset Service Providers under the Markets in Crypto-Assets Regulation.
15 Oct 2025
CySEC highlights ESMA’s survey on AI adoption in the Securities Sector by financial entities
On 3 June 2025, the Cyprus Securities and Exchange Commission issued Circular C709 informing Regulated Entities that the European Securities and Markets Authority’s has launched a survey to evaluate Artificial Intelligence adoption by financial entities within the Securities Sector. This survey is voluntary and open for entities regulated by national competent authorities or directly supervised by ESMA.
11 Jul 2025
CySEC adopts EU guidelines on management suitability for crypto firms
On 28 March 2025, the Cyprus Securities and Exchange Commission (CySEC) announced the adoption of the joint guidelines issued by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on the suitability assessments of members of the management body of issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs).
06 Jun 2025
ESMA advances liquidity management framework with draft RTS and final guidelines
On 15 April 2025, the European Securities and Markets Authority published significant updates to the regulatory landscape with the release of draft Regulatory Technical Standards and a final report on Guidelines addressing Liquidity Management Tools. These measures represent a pivotal step toward strengthening the ability of EU fund managers to skilfully manage fund liquidity, particularly during periods of market stress.
23 Apr 2025
ESAs publish guidance on the definition of ICT services under DORA
On 22 January 2025, the European Supervisory Authorities released a Q&A guidance prepared by the European Commission, clarifying the definition of information and communication technology services under the Digital Operational Resilience Act.
11 Mar 2025
European Commission rejects the RTS on subcontracting ICT services supporting critical or important functions
On 21 January 2025, the European Commission sent a letter to the Chair of the Joint Committee of the Supervisory Authorities addressing the draft Regulatory Technical Standards under the Digital Operational Resilience Act.
11 Mar 2025
CySEC announcement: ESMA introduces the new CSA on sustainability obligations under MiFID II
On 31 January 2025, the Cyprus Securities and Exchange Commission announced that the European Securities and Markets Authority has introduced the Common Supervisory Approach 2024-25 with respect to the integration of sustainability in firms’ suitability assessment as well as product governance processes and procedures in 2024.
05 Mar 2025
ESMA publishes a supervisory briefing for CASP authorisations under MiCA
On 31 January 2025, the European Securities and Markets Authority released a supervisory briefing to guide National Competent Authorities with respect to the authorisation of crypto asset service providers under the EU Regulation 2023/1114 on markets in crypto assets.
26 Feb 2025
ESMA’s guidance on non-MiCA compliant crypto-asset services
On 17 January 2025, the European Securities and Markets Authority (ESMA) issued a statement on providing crypto-asset services related to Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) which are not compliant with EU Regulation 1114/2023 on markets in crypto-assets (MiCA).
14 Feb 2025