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
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • 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

  • Senior Associate
  • Cayman Islands

Europe renews short selling restrictions

On 16 September, the European Securities and Markets Authority and the EFTA Surveillance Authority renewed the requirement on hedge funds and other short sellers of stocks to report to member state regulators (National Competent Authorities or NCAs) where their positions exceed 0.1 per cent of the share capital of an issuer listed on an EU regulated market.

Aki Corsoni-Husain

Virtual assets – Red flag indicators

On 14 September 2020, the Financial Action Task Force published the report “Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing”. The report aims to assist reporting entities (such as financial institutions, designated non-financial businesses and professions and Virtual Asset Service Providers) in both identifying and reporting potential money laundering and terrorist financing activity involving virtual assets and developing those entities’ application of a risk-based approach to their Customer Due Diligence requirements. Regulators may also find the indicators useful when preparing suspicious transaction reports and monitoring reporting entities’ compliance with local AML/CFT controls.

Matt Taber

ESAs launch survey seeking feedback on environmental and/or social financial product templates

On 21 September 2020, the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published a survey requesting for public feedback on presentational aspects of product templates pursuant to Article 8(3), Article 9(5) and Article 11(4) of the Regulation (EU) 2019/2088 of the European Parliament and of the Council on Sustainability‐Related Disclosures in the financial services.

Elina Mantrali, Petros Kiteos

EBA opines for EU Commission to set up a single rulebook in combating money laundering and terrorist financing

On 10 September 2020, the European Banking Authority (EBA) published its response to the European Commission’s call for advice on how to strengthen the European Union (EU) legal framework on anti-money laundering and countering the financing of terrorism. The European Commission issued this call for advice to the EBA to benefit from its technical expertise across all areas of financial services regulation, as well as EBA’s legal duty to lead, coordinate and monitor the EU financial sector’s fight against money laundering/terrorist financing.

Andrea Moundi Savvides, Andreas Stavrou

BVI Government enacts the Asset Seizure and Forfeiture Act 2020

The Asset Seizure and Forfeiture Act 2020 was signed into law by the Governor of the BVI on 23 July 2020 and was Gazetted on 28 July 2020. The ASFA will come into force on such a date as may be published by the Minister in the Gazette. The ASFA is another piece of legislation that has been added to the arsenal of the various competent authorities in relation to the management of certain property seized or restrained in connection with certain types of “white collar” offences – including matters relevant to proceeds of crime. The ASFA will be particularly useful to various practitioners in the financial services industry such as forensic accountants, auditors, insolvency practitioners, voluntary or court appointed liquidators, etc.

Mirza Manraj