Regulatory Blog

The European Commission recently announced the launch of the EU Sanctions Helpdesk, a dedicated initiative to support small and medium-sized enterprises in navigating the complexities of sanctions compliance. With over 40 global sanctions regimes in place, the EU Sanctions Helpdesk aims to alleviate the challenges SMEs face by offering free, comprehensive assistance.

On 17 June 2025, the UK announced a new package of sanctions to weaken Russia’s economy and military. Unveiled during the G7 Summit in Canada, these measures aim to counter Vladimir Putin's continued aggression in Ukraine. They target key sectors like finance, military, and energy, underlining the UK’s commitment to defending Ukraine and upholding international security.

The Southern California wildfires of January 2025, including the Eaton Fire (Altadena) and Palisades Fire (Pacific Palisades), have been declared the costliest wildfire disaster in US history. Propelled by extreme drought conditions and hurricane-force winds, the fires caused extensive loss of life and property.

The Bermuda Monetary Authority proposed updates to its Insurance Group Supervision Framework, aiming to strengthen oversight, align with global standards, and safeguard Bermuda’s insurance industry.

The United Kingdom introduced significant amendments to the Syria sanctions framework. Below, is a summary of the main changes and their broader implications.

On 28 May 2025, the Council of the European Union adopted legal acts to lift all economic sanctions imposed on Syria, except those grounded in security concerns. The adoption aims to support the Syrian people in their efforts to rebuild a unified, peaceful nation and formalises the political agreement announced on 20 May 2025.

On 25 April 2025, the Republic of Cyprus published the Network and Information Systems Security (Amendment) Law of 2025. This amending law aligns Cyprus’ national legislation with the EU NIS 2 Directive 2022/2555. The NIS2 framework is viewed as a substantial step towards strengthening cybersecurity across the EU. This new legal framework expands the scope of covered entities and imposes more rigorous obligations regarding cybersecurity risk management and incident reporting.

The European Commission recently took the decision to report Spain, Czechia, Cyprus, Poland, and Portugal to the Court of Justice of the European Union due to lack of local effective transposition of the Digital Services Act.

On 10 June 2025, the European Banking Authority released a No-Action Letter addressing concerns regarding the overlap between the Payment Services Directive and the Markets in Crypto-Assets Regulation. The letter provides guidance to EU legislators and National Competent Authorities in relation to CASPs providing services related to electronic money token and aims to limit the complication of dual authorisation requirements under two regulatory regimes.

On 2 June 2025, Cyprus' Ministry of Finance announced the introduction of revised notification templates for outgoing transfers of funds under Article 5r of EU Regulation 833/2014. This measure aims to eliminate inconsistencies in submitted data, streamline validation procedures, and expedite the overall evaluation process to ensure compliance with restrictive measures.

On 23 May 2025, the Cayman Islands Monetary Authority published its Regulatory Policy on the Registration or Licensing of Virtual Asset Service Providers in the Official Gazette. The policy aims to provide clarity, build market confidence, and align with international standards in virtual asset regulation.

On 29 May 2025, the House of Representatives of Cyprus approved the long-anticipated Investment Fund Administrators Law, which aims to strengthen the regulatory framework for fund administration conducted in Cyprus. The passing was announced to the industry by the Cyprus Investment Funds Association on 2 June 2025.