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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New divestment licensing grounds under the UK-Russia sanctions regime, as relevant to BVI, Cayman and Bermuda
On 13 March 2024, two new UK-Russia sanctions licensing grounds were extended to the UK Overseas Territories: firstly, the UKOT competent authorities (eg BVI, Cayman Islands and Bermuda) may now issue licences to authorise “relevant transfers” for the purposes of divesting from investments held by UKOT persons in Russia; and secondly, licences may be issued entitling a UKOT person to acquire interests from designated persons provided any consideration due to the designated person is placed in a frozen account.
28 Mar 2024
Cyprus: Compliance deadline for the Beneficial Ownership Register is approaching
On 28 February 2024, the Registrar of Companies and Intellectual Property (the Registrar) issued a press release urging all companies, including those registered under the Companies Law (Chapter 113), the European Public Limited Liability Companies (SE), the Partnerships (together referred as Organisations) or their officials/partners, to participate in the final version of the Beneficial Ownership (BO) Register electronic system.
28 Mar 2024
Cayman Islands advances Virtual Asset Regulation through collaborative consultation
On 28 February 2024, the Cayman Islands Ministry of Financial Services and Commerce is seeking feedback on proposed amendments to the Virtual Asset Service Providers Act via online tool, GitHub.
28 Mar 2024
BVI FSC releases updated annual return forms for insurance sector
On 16 January 2024, the BVI Financial Services Commission announced the release of updated annual return forms, in an effort to enhance reporting efficiency and compliance within the insurance sector.
27 Mar 2024
BVI FSC issues reminder about AML returns filing obligations
On 18 January 2024, the BVI Financial Services Commission, in accordance with regulatory requirements, published Circular 2 of 2024 to remind all regulated persons under various licencing categories of the upcoming deadline for Anti-Money Laundering Returns submission.
27 Mar 2024
Introducing the Harneys MiCA Assessment Tool: A guide to navigate EU crypto regulations
With the rules in EU Regulation 1114/2023 on markets in crypto-assets (MiCA) becoming applicable by the end of 2024, staying compliant is crucial for businesses operating within the European Union/the European Economic Area (EEA). To assist crypto-industry participants in understanding their regulatory obligations under MiCA, Harneys proudly presents its new MiCA Assessment Tool.
25 Mar 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 ITA releases a notice on temporary delay in BVI FARs payment portal deployment
On 5 March 2024, the BVI International Tax Authority issued a notice regarding the BVI FARs payment portal, addressing concerns and inquiries raised by users.
19 Mar 2024
CJEU ruling on the IAB Europe case reshapes digital advertising landscape
On 7 March 2024, in a landmark decision, the Court of Justice of the European Union clarified the rules surrounding the concepts of “personal data” and “data controller” in the context of the auctioning of personal data for advertising purposes under the General Data Protection Regulation.
18 Mar 2024