Regulatory Blog

On 27 April 2026, the Jersey Financial Services Commission introduced "focus examinations" as part of its 2026-2030 strategy to adopt a more risk-based and proportionate supervisory approach. These examinations are designed to assess compliance with regulatory requirements in specific, clearly defined areas, offering a streamlined alternative to full-scale examinations.

On 27 March 2026, the European Commission initiated infringement procedures against several EU Member States for failing to fully transpose key EU directives into their national laws by the required deadlines. These actions aim to ensure compliance with EU legislation and safeguard harmonisation across the EU.

On 16 February, the British Virgin Islands Financial Services Commission published Industry Circular 5 of 2026, highlighting the critical importance of ongoing Customer Due Diligence and transaction monitoring for Financial Institutions and Designated Non-Financial Businesses and Professionals. While initial CDD establishes a foundational understanding of customer profiles and risks, the BVI FSC underscores that ongoing CDD is essential to address changes in customer circumstances or activities.

On 13 March 2026, the Cyprus Securities and Exchange Commission issued Circular 759, to inform relevant entities about the adoption of the European Securities and Markets Authority’s guidelines on outsourcing to cloud service providers. This replaces Circular 457 from July 2021.

European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here.

On 23 April 2026, the Council of the European Union formally adopted its 20th package of restrictive measures against the Russian Federation in response to Russia's ongoing war of aggression against Ukraine. It features 120 additional individual listings, the largest number in two years, and multi-layered economic sanctions.

The Organisation for Economic Co-operation and Development released its 2025 update to the Model Tax Convention on Income and on Capital on 18 November 2025, introducing significant changes that will reshape the international tax landscape. These updates provide critical guidance on the taxation of cross-border remote work and income from natural resource extraction, aiming to offer greater certainty for governments and businesses alike.

On 19 March 2026, the Cayman Islands Government published amendments to three key legislative acts to establish a clear regulatory framework for tokenised investment fund structures. These amendments were enacted through the Mutual Funds (Amendment) Act, 2026, the Private Funds (Amendment) Act, 2026, and the Virtual Asset (Amendment) Act, 2026.

On 30 March 2026, the British Virgin Islands Financial Services Commission announced the launch of the Legitimate Interest transaction functionality, effective 1 April 2026. Registered Agents are advised to adhere to the prescribed timelines and requirements for processing requests to inspect the Beneficial Ownership Register.

On 10 April 2026, the Jersey Financial Services Commission published revised Appendix D2 of its AML/CFT/CPF Handbook. This appendix identifies countries and territories associated with higher risks of money laundering, terrorism financing, proliferation financing, and sanctions, based on reliable external sources such as the FATF, UN, OECD, and others.

On 27 April 2026, the British Virgin Islands Financial Services Commission published an update setting out its 2026 Compliance Inspection Programme, a clear signal of where supervisory attention will be focussed from March 2026 to February 2027. The programme explains how the BVI FSC will use inspections to assess risk, test controls, and drive higher standards across the BVI’s financial services sector.

On 25 March 2026, the UK published updated guidance under the Iran (Sanctions) Regulations 2023, reinforcing its commitment to addressing human rights violations, deterring hostile activities, and promoting international security.