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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Key highlights of the new EU Regulation on European Long-Term Investment Funds
On 25 October 2024, the EU Commission released the final Delegated Regulation that supplements Regulation (EU) 2015/760 of the European Parliament and the Council, which pertains to regulatory technical standards known as the "ELTIF RTS." The regulation outlines critical requirements for European Long-Term Investment Funds, particularly concerning the matching of transfer requests, pricing, investor disclosures, and asset valuations.
18 Nov 2024
ESMA explores alternative identification options for financial reporting with new survey
On 18 October 2024, the European Securities and Markets Authority (ESMA) opened a survey to gather insights on potential alternatives to the Legal Entity Identifier (LEI) for financial reporting and record-keeping. This initiative is part of ongoing discussions about introducing alternative identification methods for legal entities, particularly in light of recent opinions from European Supervisory Authorities (ESAs).
11 Nov 2024
EU updates the list of non-cooperative tax jurisdictions
On 8 October 2024, the EU updated the list of non-cooperative tax jurisdictions, removing Antigua and Barbuda from Annex I (the blacklist) after a supplementary review by the Global Forum on Tax Transparency and Exchange of Information for Tax Purposes. However, the country remains on Annex II (a watchlist) pending further improvements in tax transparency.
08 Nov 2024
The Court of Justice of the European Union confirms that Apple received unlawful state aid from Ireland
On 10 September 2024, the Court of Justice of the European Union upheld the European Commission’s decision in 2016 that Ireland granted unlawful tax advantages to Apple, amounting to €13 billion. This judgement overturns the earlier 2020 decision by the General Court, which had annulled the findings of the European Commission due to insufficient evidence of selective advantage.
29 Oct 2024
EU Sanctions update: Key information for affected individuals and entities under Russia sanctions
On 13 September 2024, the Council of the European Union (EU) has issued a number of important notices regarding restrictive measures under Council Decision 2014/145/CFSP and Regulation (EU) No 269/2014, as amended and implemented (EU Sanctions), targeting individuals, entities and bodies involved in actions undermining the territorial integrity, sovereignty and independence of Ukraine.
17 Oct 2024
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
European Commission updates FAQs on sanctions against Russia and Belarus
On 5 September 2024, the European Commission updated its Frequently Asked Questions (FAQs) on sanctions against Russia and Belarus.
23 Sep 2024
TikTok permanently ends TikTok Lite Rewards programme in EU for DSA Compliance
On 5 August 2024, the European Commission legally enforced TikTok's commitments to permanently withdraw its TikTok Lite Rewards program from the EU. This decision follows concerns raised by the European Commission regarding the programme's compliance with the Digital Services Act (DSA) in the formal proceedings initiated on 22 April 2024.
18 Sep 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