Regulatory Blog

The Cayman Islands Monetary Authority (CIMA) recently issued a Warning Notice citing significant breaches of the Securities Investment Business Act (SIB Act) and other key regulations. This guide outlines the key breaches, proposed actions, and valuable lessons for financial entities to ensure compliance.

On 21 February 2025, the BVI Financial Services Commission released a series of three educational videos designed to develop understanding and bolster compliance regarding Proliferation Financing. These videos serve as a valuable resource for licensed entities seeking to enhance their risk management strategies.

On 29 January 2025, Luxembourg’s tax authority published Circular L.I.R. n° 164/1, replacing the guidelines issued in 1998. This development modernises the rules for determining interest rates applicable to shareholder current accounts, introducing critical changes grounded in the arm’s length principle.

On 21 February 2025, the BVI Financial Services Commission released its revised Handbook on International Co-operation and Information Exchange. This updated guide reflects the BVI’s commitment to international collaboration in tackling critical global issues, including money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

The Bermuda Monetary Authority published its fee schedule for 2025, applicable to regulated entities operating under various financial services legislation. Effective from 1 January 2025, the updated fees are outlined under the Fourth Schedule of the Bermuda Monetary Authority Act 1969. The comprehensive fee structure impacts institutions governed by laws such as the Insurance Act 1978, Digital Assets Business Act 2018, and Investment Funds Act 2006, among others.

European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here

The Cyprus Securities and Exchange Commission previously issued a comprehensive Policy Statement (PS03-2024) outlining fees and reporting requirements under the Markets in Crypto-Assets Regulation. This policy establishes guidelines for participants engaging in crypto-asset markets across the European Union.

Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here

The Bermuda Monetary Authority has recently issued important updates regarding financial sanctions. These measures mandate that financial institutions evaluate their exposure to newly listed entities, freeze any relevant assets and report their actions to the Reporting Authority.