Regulatory Blog

On 28 March 2025, the Cyprus Securities and Exchange Commission (CySEC) announced the adoption of the joint guidelines issued by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on the suitability assessments of members of the management body of issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs).

Up until now, the provision of cross-border banking services provided by third-country (ie non-EU/EEA) undertakings has not been harmonised at an EU level. In effect, each EU Member State has been entirely free to determine its own territorial scope rules for the provision of such cross-border banking services.

On 30 May 2025, the BVI FSC issued an update under Industry Circular 22 of 2025, extending the filing deadline for certain statutory requirements under the BVI Business Companies Act (Revised Edition 2020). In addition, on 4 June 2025, the BVI FSC issued Industry Circular 23 of 2025, extending the filing deadline for certain statutory requirements under the BVI Limited Partnership Act (Revised Edition 2020).

On 6 May 2025, the European Union published its plan to fully eliminate its reliance on Russian energy by the end of this year. This plan can be found in the REPowerEU Roadmap and outlines a phased approach to ending imports of Russian oil, gas, and nuclear energy. This move has the purpose of protecting the European Union's energy security, stabilising prices, and supporting a more independent energy system.

On 20 May 2025, the CSSF updated its AIFMD FAQs to clarify the subject of marketing AIFs to retail investors. In principle, non-regulated Luxembourg AIFs not subject to a product law can only be marketed in Luxembourg to professional investors.

The Cyprus Securities and Exchange Commission (CySEC) recently announced updates to the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR). These changes, aimed at enhancing compliance with the Directive on the Prevention and Suppression of Money Laundering and Terrorist Financing (Register of Beneficial Owners of Express Trusts and Similar Legal Arrangements) (Amending) of 2025.

The Bermuda Monetary Authority (BMA) recently published its 2023 Captive Report, reaffirming Bermuda’s status as a world leader in the captive insurance space. With a well-established, innovative regulatory framework and a pragmatic supervisory approach, Bermuda continues to attract a wide array of industries seeking effective risk management solutions.

On 20 May 2025, the UK introduced a sweeping sanctions package aimed at weakening Russia’s military and economic capabilities amid its ongoing war in Ukraine. This move underscores the UK’s commitment to international law and peace.

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

On 10 April 2025, the House of Representatives of Cyprus (HoR) approved amendments in Cyprus tax legislation focusing on corporation practices in low-tax jurisdictions (LTJs) and EU "blacklisted" jurisdictions (BLJs).

A draft legislative package seeking to overhaul Cyprus’ sanctions framework (the Draft Package) is being debated in the Cypriot Parliament.

On 20 May 2025, the Council of the European Union adopted a comprehensive set of restrictive measures targeting Russia, encompassing four distinct sanctions regimes. These actions are in response to Russia's ongoing military aggression against Ukraine, systemic human rights violations, hybrid destabilisation activities, and the confirmed use of chemical weapons in the conflict zone.