About the Regulatory Blog and our contributors
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, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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UK publishes the Russia (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2024
The Russia (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2024 is effective from 3 October 2024 and introduces updates to the sanctions regime applied to British Overseas Territories in relation to Russia.
09 Oct 2024
European Court confirms validity of legal services ban on Russian entities
On 2 October 2024, the General Court of the European Union dismissed legal challenges to the EU's ban on providing legal advisory services to Russian entities, imposed under 2022 amendments to Council Regulation 833/2014 following the Russian invasion of Ukraine.
07 Oct 2024
Cyprus clarifies the 50 per cent income tax exemption for employment exercised in Cyprus
On 8 July 2024, the Cyprus Tax Department issued Circular 4/2024 which provides clarifications on the 50 per cent income tax exemption for employment exercised in Cyprus, as outlined in section 8(23A) of the Income Tax Law of 2002, as amended. The latest amendments were introduced on 30 June 2023 and apply retrospectively as of 1 January 2022.
04 Oct 2024
Substantial number of companies join EU AI Pact for trustworthy AI development
On 25 September 2024, the European Commission announced that over 100 companies, including multinational corporations and European small and medium enterprises from various sectors like IT, healthcare, banking, and automotive have signed the EU's Artificial Intelligence Pact.
03 Oct 2024
G7 issues joint guidance to help industry prevent sanctions evasion by Russia
On 24 September 2024, the G7 nations — comprising the United States, Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union - released a joint guidance on preventing the evasion of export controls and sanctions imposed on Russia. This guidance aims to restrict Russia’s access to critical components used in military operations, including missiles and unmanned aerial vehicles (UAVs).
02 Oct 2024
CIMA 2023 Annual Report highlights: Strengthening Cayman Islands financial services
On 12 September 2024, the Cayman Islands Monetary Authority (CIMA) released its 2023 Annual Report, highlighting significant achievements and future priorities for the Cayman Islands financial services sector.
30 Sep 2024
General Court upholds EU sanctions against NKO AO National Settlement Depository
On 11 September 2024, the General Court of the European Union handed down its judgment and dismissed Russia's National Settlement Depository’s action of challenging the restrictive measures imposed by the EU in response to the war in Ukraine.
27 Sep 2024
Updates to Virgin Islands Anti-Money Laundering and Terrorist Financing Regulations, 2024
The Virgin Islands introduced updates to its Anti-Money Laundering (AML) and Terrorist Financing regulatory framework through the Anti-Money Laundering (Amendment) Regulations, 2024 and the Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2024.
25 Sep 2024
BVI amends Securities and Investment Business Act – New forex instruments added
The BVI government introduced an important update to its Securities and Investment Business Act under the Securities and Investment Business (Amendment of Schedule 1) Order, 2024. This amendment was officially gazetted on 5 September 2024.
24 Sep 2024