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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Substantial number of companies join EU AI Pact for trustworthy AI development
On 25 September 2024, the European Commission announced that over 100 companies, including multinational corporations and European small and medium enterprises from various sectors like IT, healthcare, banking, and automotive have signed the EU's Artificial Intelligence Pact.
03 Oct 2024
The EU AI Act: A new era of artificial intelligence regulation
On 1 August 2024, the European Union's groundbreaking Artificial Intelligence Act came into force, marking the world’s first comprehensive regulation of artificial intelligence. The AI Act aims to ensure that AI technologies developed and deployed within the EU are trustworthy, prioritising the protection of fundamental rights. It seeks to create a harmonised internal market for AI, fostering innovation and investment across the region.
13 Sep 2024
Embracing AI in financial services: A targeted consultation by the EU
On 18 June 2024, the European Commission initiated a targeted consultation and a series of workshops to gather input from stakeholders on the application of artificial intelligence in finance, as the financial sector is increasingly adopting AI technology. These initiatives aim to explore use cases, benefits, barriers, risks, and the needs of stakeholders.
16 Jul 2024
Cayman Islands regulatory framework for Virtual Asset Service Providers: Registration and Licensing Guidelines
The Cayman Islands Monetary Authority (CIMA) released its regulatory policy establishing criteria for approving the registration or licensing of virtual asset service providers (VASPs) as per the Virtual Asset (Service Providers) Act (VASP Act). This policy has been published in the official gazette on 15 May 2024.
30 May 2024
Council of the EU adopts landmark AI Act: Setting global standards for AI regulation
On 21 May 2024, the European Council gave its final approval to the pioneering Artificial Intelligence Act, the first comprehensive AI regulation of its kind worldwide. This significant legislation aims to standardise AI rules across the EU, using a risk-based approach to ensure safety and trust in AI systems. The higher the potential harm to society, the stricter the regulations will be.
23 May 2024
EU AI Act: Paving the way for ground-breaking artificial intelligence regulations
On 11 May 2023, the European Parliament announced in a press release that the Internal Market Committee and the Civil Liberties Committee have adopted a draft negotiating mandate on the proposal for a regulation on harmonised rules on artificial intelligence. If approved, the AI Act would be the first regulation of artificial intelligence introduced in the world.
24 May 2023