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
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

  • Senior 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

ESMA aims at disparity in Europe over cost-oversight between UCITS and Alternative Investment Funds

On 4 June 2020, the European Securities and Markets Authority (ESMA) published a supervisory briefing (Briefing) aiming to reduce the risk of regulatory arbitrage and ensure equal levels of investor protection regarding cost-related regulations under the Undertakings for the Collective Investment in Transferable Securities (UCITS) regime and Alternative Investment Funds (AIFs).

Aki Corsoni-Husain, Vanessa Molloy

European regulators remind firms on conduct of business obligations under MiFID II amid Covid-19

On 6 May 2020, ESMA issued a public statement reminding firms of their obligation to act honestly, fairly and professionally in accordance with the best interests of their clients. Firms are also reminded to comply with all relevant MiFID II conduct of business and related organisational requirements, such as product governance, information disclosure, suitability and appropriateness.

Aki Corsoni-Husain

CySEC on the ESAs joint guidelines - the AML/CFT Colleges Guidelines

On 30 April 2020, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. 384 informing the regulated entities that the three European Supervisory Authorities (The European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority(ESAs)) published joint guidelines on cooperation and information exchange for the purpose of Directive (EU) 2015/849 between competent authorities supervising credit and financial institutions - The AML/CFT Colleges Guidelines (the Guidelines).

Andrea Moundi Savvides, Marina Stavrou

CySEC issues guidance on completing the due diligence procedures after the commencement of a business relationship

On 24 March 2020, the Cyprus Securities and Exchange Commission (CySEC), issued Circular C367 (replacing Circular C157) informing all entities under its supervision of the requirements that need to be followed in the rare instances where regulated entities choose to complete the client due diligence procedures following the commencement of a business relationship or an occasional transaction.

Andrea Moundi Savvides

CySEC working hours during COVID-19 outbreak

The Cyprus Securities and Exchange Commission (CySEC) issued a notice on 16 March 2020 informing the public that almost all CySEC staff is working remotely. Only the crisis management team will continue work at CySEC’s premises, in order to deal with urgent issues that may arise.

Aki Corsoni-Husain

CySEC advises on Business Continuity and Contingency Plans amid COVID-19

On 6 March, 2020, the Cyprus Securities and Exchange Commission (the “CySEC”) issued Circular 358 encouraging its Regulated Entities, such as CIF, AIF, AIFMD, RAIF and UCITS, to review their business continuity and disaster recovery systems, in response to the outbreak of COVID-19 and make the necessary amendments based on each entity’s size, complexity and nature of business.

George Apostolou