Regulatory Blog

Although the process of obtaining a financial services licence may seem intimidating, it need not be. Below, we present some guidelines to consider as you prepare for regulatory licensing.

On 1 September 2023, the Alternative Investment Management Association Limited, along with the National Association of Private Fund Managers and four other business trade associations, filed suit in the US Court of Appeal for the Fifth Circuit, asking the Court to set aside the final Private Fund Advisers Rules, adopted by the Securities and Exchange Commission on 23 August 2023 on the grounds that they exceed the agency’s statutory authority and are contrary to law.

In this episode, Global Head of Regulatory & Tax Aki Corsoni-Husain, introduces Counsel Marc Piano, accompanied by guest expert Brett Hillis from Reed Smith in London. Together, they examine the role of decentralisation, the relatively restrictive position the US has adopted on crypto, and explore whether Markets in Crypto-Assets Regulation (MiCA) really is all it’s cracked up to be.

On 1 September 2023, the Cyprus Department of Registrar of Companies and Intellectual Property issued a notice bringing attention to the mandatory requirement for companies that have been incorporated or registered according to Companies Law Cap. 113, the European public limited liability companies (SE) and the Partnerships as well as their officers/partners, to promptly submit the details and information of their beneficial owners to the Register of Beneficial Owners of Corporate and Other Legal Entities.

On 11 September 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 596 regarding Russian Federation Federal Laws No. 319-FZ (Law 319-FZ) and No. 519-FZ (Law 519-FZ), which concern certain transfers of Russian securities, known as forced transfers, further defined below.

The Cayman Island’s Monetary Authority recently issued a rule on corporate governance for regulated entities and a rule and statement of guidance on internal controls for regulated entities. These rules and guidance are aimed at enhancing corporate governance and internal control practices for CIMA regulated entities and will come into effect on 14 October 2023.

On 13 September 2023, the BVI Governor issued the Virgin Islands General Licence No. 04, 2023, relating to the maintenance of economic resources, under the Russia (Sanctions) (EU Exit) Regulations 2019. This General Licence provides specific permissions to Registered Agents and Corporate Services Providers in the Virgin Islands.

Receiving a notice to produce information from a regulatory authority can understandably trigger apprehension. However, it is crucial not to panic and approach the situation methodically.

The Caribbean Financial Action Task Force is actively seeking input on its methodology revisions related to Recommendations 24 and 25 concerning beneficial ownership.