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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15th EU sanctions package on Russia published and implemented
On 16 December 2024, the European Union announced its 15th sanctions package targeting Russia. This new package reinforces the EU’s commitment to weakening Russia’s military and economic capabilities while combating sanctions evasion.
20 Dec 2024
Financial sanctions updates from Bermuda’s Monetary Authority
The Bermuda Monetary Authority has recently issued important updates regarding financial sanctions. These measures mandate that financial institutions evaluate their exposure to newly listed entities, freeze any relevant assets, and report their actions to the Reporting Authority.
19 Dec 2024
CySEC adopts two sets of EBA Guidelines for issuers of asset-referenced tokens
The Cyprus Securities and Exchange Commission (CySEC) has adopted two significant sets of European Banking Authority (EBA) guidelines aimed at strengthening the regulatory framework for issuers of asset-referenced tokens (ARTs). These guidelines focus on internal governance and recovery planning for ART issuers, in line with Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA).
17 Dec 2024
EBA Guidelines on group capital test for Cyprus investment firms
On 22 October 2024, the Cyprus Securities and Exchange Commission (CySEC) announced its adoption of the European Banking Authority (EBA) Guidelines on the application of the group capital test for investment firm groups in accordance with Article of Regulation (EU) 2033/2019 (IFR) (the EBA Guidelines) as part of its supervisory framework.
17 Dec 2024
Bermuda consults for a central register of beneficial ownership
On 20 November 2024, the Bermuda government announced that it is consulting to establish a unified register for beneficial ownership of legal entities, aligning with international transparency standards. Bermuda is advancing efforts to enhance transparency and combat financial crimes through a proposed Central Register of Beneficial Ownership.
16 Dec 2024
Update to EU Sanctions on Russia-Ukraine-Belarus (up to 16 December 2024)
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
16 Dec 2024
Meet the Regulator Forum: Key updates for BVI financial services sector
The BVI Financial Services Commission hosted its annual Meet the Regulator Forum on 12 December 2024.
13 Dec 2024
Cayman Islands updates insurance regulations to strengthen governance and policyholder protections
On 14 October 2024, the Cayman Islands Monetary Authority updated its insurance regulatory measures under Section 34 of the Monetary Authority Act. These changes strengthen CIMA’s capacity to issue and revise critical rules, regulatory guidance and principles focussed on governance, risk management, and policyholder protection.
12 Dec 2024
CySEC launches preliminary application phase for Crypto-Asset Service Providers under MiCA
On 13 November 2024, the Cyprus Securities and Exchange Commission announced the commencement of a preliminary phase for accepting applications and notifications from entities intending to operate as Crypto-Asset Service Providers under the EU Markets in Crypto-Assets Regulation. This preparatory phase will run until MiCAR’s full implementation on 30 December 2024, aiming to streamline the formal authorisation process.
11 Dec 2024