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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Compliance alert: G7+ oil price cap risks
On 17 May 2024, the European Commission issued an alert regarding potential circumvention of price caps on Russian-origin crude oil and petroleum products, specifically Urals and Eastern Siberia Pacific Ocean crudes. This alert highlights the risks of trading Russian oil near the US$60 per barrel cap amid fluctuating global oil prices.
12 Jul 2024
EU's 14th sanctions package against Russia: Key measures
On 24 June 2024, the EU Council adopted its 14th sanctions package against Russia, targeting key sectors of the Russian economy. This package amends Council Regulation 833/2014 (Regulation 833) and Council Regulation 269/2014 (Regulation 269) and introduces measures in energy, finance, anti-circumvention, transport, and import-export controls, as well as protections for EU operators and restrictions on intellectual property and cultural property. Additionally, new listings include 69 individuals and 47 entities.
02 Jul 2024
European Commission updates its FAQs on sanctions against Russia and Belarus
The European Commission has updated its Frequently Asked Questions (FAQs) on sanctions against Russia and Belarus.
21 Jun 2024
EU Council approves establishment of centralised Anti-Money Laundering Authority and related rulebook
On 30 May 2024, the Council of the European Union approved a comprehensive package of anti-money laundering rules, aimed at reinforcing the efforts of the EU against money laundering and countering terrorism financing. This package includes stricter regulations and the establishment of a new supervisory agency.
19 Jun 2024
European Commission launches investigations into Alphabet, Apple, and Meta under Digital Markets Act
On 25 March 2024, in a significant move aimed at ensuring fair competition and consumer choice in the digital sphere, the European Commission initiated non-compliance investigations against tech giants Alphabet, Apple, and Meta under the Digital Markets Act.
14 Jun 2024
European Council approves unprecedented legal measures to redirect extraordinary revenues from immobilised Russian assets to support Ukraine
On 21 May 2024, the European Council issued a press release stating that it has approved certain legal measures (in the form of decisions) to utilise net profits from unexpected revenues of EU Central Securities Depositories (CSDs) holding Russian sovereign assets. It is intended that such revenues will be used for further military support to Ukraine, as well as its defence industry capacities and reconstruction.
11 Jun 2024
ESMA seeks feedback on UCITS Eligible Assets Directive review
On 7 May 2024, the European Securities and Markets Authority issued a Call for Evidence regarding the review of Commission Directive 2007/16/EC on UCITS eligible assets. This initiative is part of the European Commission's request for ESMA to provide technical advice on the UCITS EAD review.
06 Jun 2024
EBA publishes final set draft technical standards for asset-referenced tokens under MiCAR
On 7 May 2024, the European Banking Authority released three sets of final draft regulatory technical standards and one set of final draft implementing technical standards relating to asset-referenced tokens under the Markets in Crypto-assets Regulation.
28 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