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.
${totalItems} results
${customFilterHeading} Showing ${showingItems} of ${totalItems} results ${searchTerm}
${facet.Name} (${facet.TotalResults})
Luxembourg's new tax bill: Aligning with OECD guidance on Pillar Two
On 12 June 2024, Luxembourg's government submitted a new bill to Parliament, aiming to amend and complete the Luxembourg law of 22 December 2023 implementing the Pillar Two Directive on minimum taxation.
11 Jul 2024
Luxembourg’s proposed tax reforms for 2024: Share class redemptions (alphabet classes) clarification and other key highlights
On 23 May 2024, the Luxembourg Government introduced a bill of law before the Luxembourg Parliament aiming notably to clarify the tax treatment applicable to share class redemptions.
03 Jun 2024
EU Council achieves agreement on harmonised withholding tax procedures across the EU
On 14 May 2024, after years of discussion, the EU Council reached a general agreement on its draft proposal of the Faster and Safer Relief of Excess Withholding Taxes (FASTER) directive. This proposal aims to establish faster and less burdensome withholding tax relief procedures. At the same time Member State authorities may exclude relief request from FASTER’s fast track procedure for further investigation, where deemed necessary to mitigate the risks of tax abusive.
29 May 2024
The EU Directive criminalising the violation and circumvention of EU sanctions is published in the Official Journal of the EU
On 29 April 2024, the EU published in the Official Journal the new Directive (EU) 2024/1226 which criminalises the violation and circumvention of EU sanctions.
17 May 2024
Harneys BVI Regulatory team facilitates approval for a leading cryptocurrency market maker under VASPA
Our BVI Regulatory team recently advised Portofino Technologies Global, a prominent cryptocurrency market maker, in successfully securing approval from the Financial Services Commission under the Virtual Assets Service Providers Act.
11 Apr 2024
Update to BVI Economic Substance Rules: Important update for entities claiming non-residence via UAE corporate income taxes
On 2 April 2024, the BVI International Tax Authority published version four of its economic substance rules and explanatory notes, following the introduction of a federal corporate income tax system in the United Arab Emirates in respect of financial years beginning on or after 1 June 2023.
10 Apr 2024
CSSF issues new guidelines for investor protection in collective investment undertakings
On 29 March 2024, Luxembourg’s Commission de Surveillance du Secteur Financier issued Circular CSSF 24/856, replacing Circular CSSF 02/77.
08 Apr 2024
BVI removed from French tax blacklist
On 7 March 2024, the British Virgin Islands was removed from France's blacklist of non-cooperative tax jurisdictions, as announced in an official statement by BVI Premier Dr Natalio D Wheatley.
22 Mar 2024
BVI invites consultation on OECD Pillar 2 implementation
On 19 January 2024, the BVI Ministry of Finance, invited competent firms to pitch for consultancy services to assist the BVI in determining its position on the implementation of the jurisdiction’s approach to Pillar 2.
21 Feb 2024