Unravelling
Complexity

Insights

Unravelling Complexity

299 Results

Digitalization of AML laws in BVI
Investment Funds

Digitalization of AML laws in BVI

There is a saying that “time and tide wait for no man”, and the same is true for the ever-changing ecosystem of the financial services industry – you simply cannot stop the wheels of commerce from turning. And when they turn, the surrounding legal framework must keep pace and embrace the evolving environment as fast as it is practically able to.
Cayman Islands: FATCA and CRS reporting deadline extended to 31 July 2019 and confirmation of CRS Reportable Jurisdiction list
Regulatory and Tax

Cayman Islands: FATCA and CRS reporting deadline extended to 31 July 2019 and confirmation of CRS Reportable Jurisdiction list

Cayman Islands reporting Financial Institutions have been given until 31 July 2019 to complete their FATCA and CRS reporting for the 2018 calendar year without the fear of further action by government authorities, the Cayman Islands government announced last week.
Deadline approaches for BVI registered agents and trust companies to regularise the status of regulated subsidiaries
Regulatory and Tax

Deadline approaches for BVI registered agents and trust companies to regularise the status of regulated subsidiaries

The Banks and Trust Companies Act, 1990 has been amended by the Banks and Trust Companies Act, 2018 which requires BVI licensed registered agents and trust companies to remove listed subsidiaries from their licences and apply to have them separately licensed where necessary. The Amendment Act was gazetted on 3 August 2018 and came into force on 1 October 2018.
Revisions to financing and money services regulation in the British Virgin Islands following 2018 consultation
Regulatory and Tax

Revisions to financing and money services regulation in the British Virgin Islands following 2018 consultation

Following a consultation process arranged by the BVI Financial Services Commission (FSC) in 2018, in which Harneys was heavily involved, the regulator instructed the BVI government to revise and update the jurisdiction’s financing and money services regime to do two things: firstly, to make it fit for purpose for local businesses based purely in the BVI which were involved in consumer financing, lending and on-the-ground money (payment) services; and secondly, to prepare the groundwork for the BVI’s drive to become a hub for international FinTech businesses.
Cyprus Ministry of Finance presents draft EU Anti-Tax Avoidance Directive
Regulatory and Tax

Cyprus Ministry of Finance presents draft EU Anti-Tax Avoidance Directive

The Cyprus Ministry of Finance has presented a draft bill implementing the EU Anti-Tax Avoidance Directive (ATAD) which aims to combat corporate tax avoidance and create a level playing field for businesses operating within the EU.
Public consultation on liquidity stress testing guidance for AIFs and UCITS
Regulatory and Tax

Public consultation on liquidity stress testing guidance for AIFs and UCITS

The European Securities and Markets Authority has published a consultation paper providing a set of proposed guidelines on how liquidity stress testing should be applied by alternative investment funds and Collective Investment in Transferable Securities, in response to the recommendations set out by the European Systemic Risk Board in April 2018.