Regulatory Blog

On 23 October 2025, the European Union has adopted its 19th package of sanctions against Russia, marking a significant escalation in its efforts to counter Russia's ongoing aggression in Ukraine. These measures target critical sectors of the Russian economy, including energy, finance, and military industries, while also addressing circumvention tactics and third-party enablers.

On 23 October 2025, the Cyprus Bar Association issued Circular 18/2025 regarding the 19th package of sanctions imposed by the European Commission against Russia, informing its members on the sanctions targeting actions undermining Ukraine's territorial integrity, sovereignty and independence.

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.

The Cayman Islands Monetary Authority recently announced the withdrawal of the temporary allowance for operator letters in place of notarised affidavits for fund registration and licensing applications. This measure, introduced during the COVID-19 pandemic, ceased on 15 October 2025.

On 14 August 2025, the Cyprus Ministry of Finance has formally determined the competent authorities which would be responsible to ensure compliance with Regulation 2022/2554 on Digital Operational Resilience for the Financial Sector on the basis of the Regulatory Administrative Act 252/2025.

On 15 September 2025, the French, Austrian, and Italian financial authorities issued a joint letter and press release calling for critical adjustments to the MiCA regulation. These proposals aim to address certain gaps which the regulators state they have identified in the current framework.

On 29 September 2025, the Bermuda Monetary Authority published a letter to stakeholders responding to the public consultation paper entitled “Proposed Enhancements to Public Disclosure Regime: Public Disclosure of Assets and Liabilities for Commercial Long-term Insurers.”

On 6 August 2025, Bermuda hosted key digital finance leaders for two pivotal events: the launch of the Bermuda Stablecoin Association and a Digital Finance Roundtable led by the Ministry of Finance.

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.

On 4 September 2025, the Court of Justice of the European Union issued a pivotal judgment in Case C-726/23, addressing the VAT implications of transfer pricing adjustments within multinational groups. This decision clarifies the VAT treatment of intra-group transactions and the evidentiary requirements for VAT deductions.

Cyprus has transposed the Corporate Sustainability Reporting Directive into national law, marking a significant step towards enhanced corporate transparency and sustainability. The amendments to the Companies Law, among others, were published in the Official Gazette on 29 July 2025.

On 3 October 2025, the Luxembourg Government introduced Draft Bill No. 8628 to transpose AIFMD II (Directive (EU) 2024/927) into national law.