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
Luxembourg's new tax bill: Aligning with OECD guidance on Pillar Two
On 12 June 2024, Luxembourg's government submitted a new bill to Parliament, aiming to amend and complete the Luxembourg law of 22 December 2023 implementing the Pillar Two Directive on minimum taxation.
11 Jul 2024
CySEC mandatory survey for regulated entities active in crypto-assets
On 26 June 2024, the Cyprus Securities and Exchange Commission issued Circular 648 informing regulated entities about the notification procedure under Article 60 of Regulation 1114/2023 on markets in crypto-assets.
10 Jul 2024
CySEC seeks market input on MiCA fees and reporting requirements
On 26 June 2024, the Cyprus Securities and Exchange Commission (CySEC) released a Consultation Paper (CP-01-2024) to gather feedback on the proposed fees for actions taken by entities in relation to Regulation 1114/2023 on markets in crypto-assets (MiCA Regulation).
09 Jul 2024
EU Court of Justice rules on national law application for cross-border companies
On 25 April 2024, the Court of Justice of the European Union ruled that Italian legislation requiring the application of Italian law to the management activities of companies registered in other EU Member States but primarily operating in Italy constitutes a restriction on the EU principle of freedom of establishment, one of the fundamental principles of EU law.
04 Jul 2024
New EBA regulations strengthen governance, conflict management and remuneration policies for crypto assets
On 6 June 2024, the European Banking Authority enhanced the regulatory framework for crypto assets by publishing a package with three new regulatory products under the Markets in Crypto-Assets Regulation. These products focus on governance, conflicts of interest and remuneration aiming to create a transparent, secure, and well-regulated market in crypto assets.
03 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