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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EU-UK Memorandum of Understanding on financial services regulatory cooperation: Opening a new chapter
On 27 June 2023, the EU and UK signed a memorandum of understanding (MoU) to enhance regulatory cooperation in financial services. The MoU establishes the Joint EU-UK Financial Regulatory Forum, which aims to promote transparency, compatibility of regulatory standards, and the exchange of information and views.
16 Aug 2023
Expert Review – Economic sanctions: Russia, Brexit, and beyond
Welcome to Expert Review, our latest podcast delivering bite-size opinions and analysis on global governance, regulation, and tax. Each episode will feature a guest speaker, giving listeners food for thought in a condensed and informative manner.
01 Feb 2022
CySEC issues statement on its post-Brexit Temporary Permission Regime
On 14 December 2021, the Cyprus Securities and Exchange Commission (CySEC), published the Policy Statement (PS 02-2021) notifying the industry on changes to admissions criteria for UK financial institutions operating under the regulator’s Brexit-related Temporary Permission Regime (TPR).
15 Dec 2021
EU Commission adopts adequacy decisions for the UK in data protection
On 28 June 2021, the European Commission adopted two adequacy decisions relating to the protection of personal data by the United Kingdom (UK), one in relation to the EU General Data Protection Regulation 2016/679 (GDPR) and the other in relation to the EU Law Enforcement Directive 2016/680.
09 Jul 2021
CySEC launches a Brexit Information Hub
On 19 February 2020, the Cyprus Securities and Exchange Commission (CySEC) announced the launch of a Brexit Information Hub (accessible here) on its website, aiming to facilitate navigation of Brexit-related information and the compliance of interested parties with new legal obligations arising following the expiry of the transitional period of the UK’s withdrawal from the European Union.
08 Mar 2021
CySEC extends the deadline for its Brexit-related Temporary Permissions Regime
On 28 January 2021, CySEC announced an extension of the deadline for the submission of notifications by UK firms who wish to make use of the Cypriot Temporary Permission Regime (TPR).
04 Feb 2021
Brexit - ESMA reminds firms about MiFID rules on reverse solicitation
On 13 January 2021, the European Securities and Markets Authority (ESMA), issued a Public Statement to remind firms of the rules in MiFID II on reverse solicitation in the context of marketing to retail or professional clients by third country firms, including those in Brexit Britain.
26 Jan 2021
Brexit – CySEC announces Temporary Permissions Regime for UK investment firms
On 22 December 2020, the Cyprus Securities and Exchange Commission (CySEC) issued a press release announcing the introduction of a Temporary Permissions Regime (TPR) in respect of the provision of investment services and conduct of investment activities by UK investment firms to eligible counterparties and professional clients in Cyprus after the expiry of the Brexit transition period on 31 December 2020.
24 Dec 2020
EBA informs customers of UK financial institutions about the end of the Brexit transition period
On 8 December 2020, the European Banking Authority informed customers of UK financial institutions that, owing to Brexit, EU law will cease being applicable in the UK as of 1 January 2021. From that date onwards, UK financial institutions not holding a valid authorisation from the supervisory authorities in the EU will lose the right to provide financial services in the EU.
11 Dec 2020