Regulatory

Blog

Regulatory

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, Cyprus and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Counsel
  • Cayman Islands

CIMA reminder re: AML officers

On 7 June 2021 the Cayman Islands Monetary Authority reminded its regulated entities that they must ensure their AML Officers are properly appointed, are able to dedicate sufficient time for the efficient and effective discharge of their respective functions, are well versed in the different types of transactions that the business conducts which may give rise to opportunities for money-laundering, terrorist financing, proliferation financing.

Carolynn Vivian

EU legislators reach political agreement on CBCR

On 1 June 2021, the European Union (EU) Council and the EU Parliament reached a provisional political agreement on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the country-by-country reporting (CBCR) directive. The public dimension of CBCR is not a new proposal having first been put forward in 2016 but the necessary EU wide political support for this measure only emerged earlier this year once a compromise text seemed possible.

Andrew Knight, Christophe Sicard

Cyprus extends DAC6 deadline

On 3 June 2021, the Cyprus Tax Department (CTD) announced that there will be no imposition of administrative fines for overdue submissions of DAC6 information up until 30th September 2021.

Aki Corsoni-Husain, Andreas Stavrou

Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance

Our BVI economic substance team has put together an overview of the process under which we are beginning to see the BVI International Tax Authority (ITA) determining that a BVI company or limited partnership may have been non-compliant with the economic substance regime requirements during the first financial period (typically June 2019 to June 2020, with reporting submitted by December 2020).

Joshua Mangeot, Aki Corsoni-Husain

FSC regularises waiver policy on enforcement, as relevant to BVI agents

On 22 April 2021, the BVI House of Assembly passed the Financial Services Commission (Amendment) Act, 2021 which introduces a new section 54B to the Financial Services Commission Act, 2001. This new provision introduces the legal basis on which the BVI Financial Services Commission (FSC) may waive monetary penalties for the failure of licensees to file a document within a prescribed time limit where the failure is caused by either the registered agent, authorised agent or other persons, or an act of God.

Aki Corsoni-Husain, Kimberly Seagojo

EBA initiates consultation on new guidelines in the area of AML and CFT

On 27 May 2021, the European Banking Authority (EBA) launched a public consultation on its new guidelines that set out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive.

Aki Corsoni-Husain, Andreas Stavrou

CySEC’s new register for crypto-asset service providers

Further to the implementation of pan-EU requirements including crypto-asset service providers (CASPs) under the Fifth Anti-Money Laundering Directive (5AMLD), Cyprus recently updated its definition of obliged entities under the Prevention and Suppression of Money Laundering Law 2007 (AML Law) to bring CASPs into scope.

Aki Corsoni-Husain, George Apostolou