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Regulatory Blog

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BVI Virtual Assets Service Providers Act 2022 is now in force
The BVI Virtual Asset Service Providers Act, 2022 (the Act) came into force on 1 February 2023. Under the Act, virtual asset service providers (VASPs) within the regime must become registered with the BVI Financial Services Commission.
DPC imposes €390 million fine to Meta over GDPR breaches on targeted advertising
The Data Protection Commissioner (the DPC) recently issued two decisions imposing Meta Platforms Ireland Limited (Meta) a hefty fine of €390 million over the use of personal data for targeting ad practices employed by Facebook and Instagram respectively.
Meta's EU data transfer case will face Article 65 dispute resolution procedure
It has been reported that the Irish Data Protection Commissioner has decided to trigger the dispute resolution mechanism under Article 65 of the GDPR in respect of the landmark decision on the data transfers undertaken by Meta Platforms Ireland Limited’s (Meta) social media platforms Facebook and Instagram, commonly referred to as ‘Schrems II’.
Update to EU Sanctions on Russia-Ukraine-Belarus (up to 30 January 2023)
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
BVI financial services fees regime updated
The Financial Services (Fees) (Amendment) Regulations 2023 has revoked the Financial Services (Fees) Regulations 2010.
European Court of Justice decision: Impact on lawyers' fees
On 12 January 2023, in a judgment, the European Court of Justice decided that the term in a contract for the provision of legal services concluded between a lawyer and a consumer that sets the price on the basis of an hourly rate, without including any further details, does not satisfy the requirement of being drafted in plain intelligible language.
ATAD 3 – The EU Parliament publishes its position on the EU Commission's proposed Directive
Readers will recall that in December 2021, the Commission published a draft Directive the purpose of which was, as one of the ways of combatting aggressive tax planning, to ensure that EU entities involved in cross border activities, and therefore relying on international tax agreements, would have a minimum level of economic substance. It has become clear that, as we have moved through the French presidency of the EU Council, then that of the Czech Republic, and now that of Sweden, there have been significant difficulties in achieving the unanimity required in order for the Directive to be adopted.
Cyprus introduces withholding tax on payments to EU Blacklist countries
On 31 December 2022, the amendments to the Special Contribution for Defence Law were entered into force. The new provisions include the introduction of withholding taxes on outward payments of dividends, interest, and royalties made to companies in jurisdictions included on the EU list of non-cooperative jurisdictions on tax matters (the EU Blacklist).
Cyprus adds a further basis of corporate tax residency
On 31 December 2022, important changes to the tax residency test under Cyprus income tax law came into force.
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