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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CJEU ruling on the IAB Europe case reshapes digital advertising landscape
On 7 March 2024, in a landmark decision, the Court of Justice of the European Union clarified the rules surrounding the concepts of “personal data” and “data controller” in the context of the auctioning of personal data for advertising purposes under the General Data Protection Regulation.
18 Mar 2024
Breaking news – European Parliament approves AI Act: What you need to know
On 13 March 2024, the European Parliament officially approved the AI Act, the world’s first regulation on artificial intelligence, with an overwhelming majority. The AI Act is a set of regulations designed to govern the deployment and use of AI systems – its mission is to both recognise the transformative potential of AI across various sectors, including healthcare, transportation, manufacturing, and energy, while also acknowledging the need for robust oversight to ensure the technology's safe and ethical utilisation.
14 Mar 2024
Insights from EDPB's One-Stop-Shop case digest on Security of Processing and Data Breach Notification
On 18 January 2024, the European Data Protection Board published a One-Stop-Shop case digest on Security of Processing and Data Breach Notification. The Case Digest looks at a selection of decisions on security of processing and personal data breach notifications taken from the EDPB’s public register. It is based on a review of 90 decisions made between January 2019 and June 2023, covering Articles 32, 33, and 34 of the GDPR.
13 Mar 2024
Cyprus-UK collaboration in relation to the Sanctions Implementation Unit in Cyprus and the improvement of the Cyprus Legal Framework on sanctions
On 5 February 2024, the Cyprus Ministry of Finance announced that the UK project team designated to initiate the establishment and operation of the National Sanctions Implementation Unit and enhance the sanctions legislative framework, visited Cyprus from 30 January 2024 to 1 February 2024.
12 Mar 2024
CSSF updates FAQ for guidelines for UCIs investing in Virtual Assets
On 22 February 2024, the Commission de Surveillance du Secteur Financier revised its FAQ on Virtual Assets for Undertakings for Collective Investment relating to the promotion of UCIs engaged in direct or indirect investment in virtual assets.
11 Mar 2024
Cyprus abolishes annual company levy to support business community
On 21 February 2024, the President of the Republic of Cyprus announced the abolition of the €350 annual fee, which was previously mandated for all companies registered in Cyprus, and on 29 February 2024, the House of Representatives endorsed this decision.
08 Mar 2024
EU list of non-cooperative jurisdictions for tax purposes has been updated
On 20 February 2024, the EU Council removed the Bahamas, Belize, Seychelles, and Turks and Caicos Islands from its list of non-cooperative tax jurisdictions, leaving 12 jurisdictions on the list.
07 Mar 2024
OFSI reminds industry as to reporting measures for Russian financial sanctions compliance
On 12 February 2024, the UK Office of Financial Sanctions Implementation (OFSI) issued a blog post on the reporting requirements in respect of designated persons under the Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023, published on 12 December 2023 (the No. 4 Regulations).
06 Mar 2024
European Commission updates its FAQs on sanctions against Russia and Belarus
The European Commission has updated its Frequently Asked Questions on sanctions against Russia and Belarus.
05 Mar 2024