Regulatory Blog

The BVI Financial Investigation Agency Act Revised Edition as of 1 January 2020, is a comprehensive legal framework that establishes and governs the Financial Investigation Agency, a statutory body charged with investigating and combating financial crimes within the Virgin Islands. Originally enacted through Act 19 of 2003 and coming into force on 1 April 2004, the Act has undergone several amendments to enhance its scope and efficacy, notably through Acts in 2007, 2008, 2013, 2015, and 2017 (plus the further amendments outlined in detail below).

The BVI Financial Services Commission Act, Revised Edition 2020, establishes a comprehensive framework for overseeing financial services within the BVI. It created the Financial Services Commission, an independent body tasked with regulating and supervising financial activities while promoting the territory’s reputation as a credible global finance centre. The Act provides the legal foundation for the FSC's structure, functions, enforcement powers, and financial provisions, ensuring a robust, transparent, and adaptable regulatory environment.

The Bermuda Monetary Authority Amendment (No. 3) Act 2018 represents a significant legislative update aimed at revising and standardising the fee structures across various financial sectors regulated by the Bermuda Monetary Authority. This Act, which came into effect on January 1, 2019, introduces amendments to the Fourth Schedule of the Bermuda Monetary Authority Act 1969, alongside consequential changes to other related legislation, including the Banks and Deposit Companies (Fees) Act 1975, the Investment Funds Act 2006, and others. The overarching goal of these amendments is to ensure a more structured and transparent fee framework for entities operating under the purview of the BMA.

The Bermuda Monetary Authority Act 1969 establishes the Bermuda Monetary Authority as a corporate body with perpetual succession. Its primary objectives include issuing and redeeming Bermuda's currency, supervising and regulating financial institutions, promoting financial stability, detecting and preventing financial crimes, and advising the government on monetary matters. The BMA also oversees innovative business development through its Innovation Hub.

On 12 January 2026, the Cyprus Securities and Exchange Commission issued updated consultation papers proposing amendments to the fees payable by entities under its supervision. These proposals aim to align fees with the complexity and scale of operations, reduce reliance on public resources, and enhance CySEC's financial autonomy.

The Cyprus Securities and Exchange Commission reminds Crypto-Asset Service Providers operating in Cyprus that they must apply for authorisation under Regulation (EU) 2023/1114 on Markets in Crypto-Assets by 27 February 2026.

The BVI Insurance Act, as revised on 1 January 2020, establishes a robust framework for the licensing, regulation, and supervision of insurance businesses within the jurisdiction. Designed to ensure financial stability and protect policyholders, the Act addresses various aspects of the insurance sector, including the roles and responsibilities of insurers, insurance managers, intermediaries, and loss adjusters. Guided by principles of prudence and transparency, the legislation is a critical pillar for maintaining trust in the Virgin Islands’ financial services industry.

The Bermuda Insurance Act 1978 is a foundational framework governing Bermuda's insurance sector, dealing comprehensively with regulatory oversight and operational standards for insurers, brokers, agents, and other key entities involved in the industry. The Act’s primary objective is to safeguard the interests of clients and potential clients, ensuring robust consumer protection while fostering a well-regulated and resilient insurance environment. To achieve this, the Bermuda Monetary Authority is entrusted with supervisory authority, granting it the power to monitor compliance, enforce regulations, and uphold prudential standards.

The Bermuda Digital Asset Business Act 2018 serves as a comprehensive legislative framework designed to regulate digital asset businesses operating within Bermuda. Enacted to ensure the protection of clients and the integrity of the financial ecosystem, the Act empowers the Bermuda Monetary Authority to oversee and enforce compliance among entities engaged in digital asset activities. The legislation is divided into several parts, each addressing specific aspects of digital asset business operations, licensing, compliance, and enforcement.

The BVI Business Companies Act, Revised Edition 2020, stands as a foundational legal framework that governs the incorporation, administration, and operation of business entities within the British Virgin Islands. Enacted initially in 2004 and revised across various years, this comprehensive legislation consolidates prior enactments into a structured regulatory code. It embodies principles of flexibility, efficiency, and compliance, providing businesses with a regulatory environment conducive to global commerce.

The Bermuda Investment Funds Act 2006 serves as a comprehensive legislative framework governing the establishment, operation, and regulation of investment funds within Bermuda. This Act, which has undergone several amendments to adapt to evolving financial landscapes, is pivotal in ensuring the integrity, transparency, and efficiency of Bermuda's investment fund industry. It is structured into multiple parts, each addressing specific aspects of fund management, administration, and oversight.

The Bermuda Companies Act 1981 is a comprehensive legal framework that governs various aspects of company law, addressing the formation, management, administration and dissolution of companies operating within Bermuda.