Regulatory Blog

On 11 October 2024, the Cayman Islands Ministry of Financial Services and Commerce announced that it is seeking public feedback on two key regulations under the Beneficial Ownership Transparency Act, 2023.

On 1 August 2024, the BVI Financial Services Commission announced the recent appointment of Ms Lisa Ann Violet as the first Chief Executive Officer of the Virgin Islands Deposit Insurance Corporation. VIDIC, together with the FSC, maintains a co-monitoring partnership in order to safeguard the financial stability of the Territory.

The British Virgin Islands Beneficial Ownership Secure Search System Act has been amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2024, which was published in the Gazette on 24 July 2024.

On 30 April 2024, the Cayman Islands Ministry of Financial Services and Commerce published a public consultation seeking feedback on the draft Beneficial Ownership Transparency Regulations, 2024, alongside accompanying guidance documents. These regulatory measures are designed to support transparency within legal entities operating in the Cayman Islands, aligning with international standards and best practices.

On 28 February 2024, the Registrar of Companies and Intellectual Property (the Registrar) issued a press release urging all companies, including those registered under the Companies Law (Chapter 113), the European Public Limited Liability Companies (SE), the Partnerships (together referred as Organisations) or their officials/partners, to participate in the final version of the Beneficial Ownership (BO) Register electronic system.

On 13 December 2023, the UK Crown Dependencies (Guernsey, Isle of Man, and Jersey) jointly announced a commitment to enhance transparency and access to information on their registers of beneficial ownership. Building on existing cooperation with international authorities, the commitment expands access to financial services businesses and organisations combatting financial crime.

On 15 December 2023, the Cyprus Bar Association issued a press release to inform its members that the Cyprus Department of Registrar of Companies and Intellectual Property has granted an extension for the submission of the ultimate beneficial owner details of companies and other legal entities in the new companies registry.

On 8 December 2023, the BVI Government published a press release indicating it's current position on the much discussed implementation of publicly accessible registers of beneficial ownership (PARBOs).

For some years there has been significant focus on whether the Cayman Islands would push through the implementation of a public beneficial ownership register which makes it possible for anyone to find out who is the ultimate beneficial owner of a relevant Cayman entity.