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Regulatory Blog

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EU Council regulates handling of immobilised Russian assets
On the 12 February 2023, the EU Council has decided to regulate the handling of assets belonging to the Central Bank of Russia (CBR) which are immobilised due to EU sanctions. Financial institutions holding these assets must segregate revenues and follow specific rules. Central Securities Depositories (CSDs) with over €1 million of CBR assets must separate extraordinary cash balances and revenues, and are prohibited from disposing of net profits.
CJEU ruling clarifies on liability, damages and TOMs for data breaches
On 14 December 2023, the Court of Justice of the European Union (CJEU) issued a landmark ruling in the case of VB v. Natsionalna agentsia za prihodite (C‑340/21), placing a spotlight on the concept of non-material damage under Article 82 of the EU General Data Protection Regulation (GDPR) and specifically addressing the pivotal issue of the adequacy of technical and organisational measures (TOMs) in the context of a data breach.
BVI invites consultation on OECD Pillar 2 implementation
On 19 January 2024, the BVI Ministry of Finance, invited competent firms to pitch for consultancy services to assist the BVI in determining its position on the implementation of the jurisdiction’s approach to Pillar 2.
Bermuda introducing Corporate Income Tax for Multinational Enterprise Groups
At the end of December 2023, Bermuda’s Parliament passed draft legislation for the implementation of the Corporate Income Tax (CIT), that would apply to Bermuda based businesses within Multinational Enterprises (MNEs) with annual revenue of €750M or more.
Unlocking Europe’s Digital Future: Council of the EU adopts new Data Act
On 27 November, the Council of the European Union (the Council) took a significant step towards making the European Union a global leader in the data-driven economy with the formal adoption of the new Data Act.
The European Parliament has adopted the AIFMD 2.0 text
On 7 February 2024, the European Parliament adopted the final version of the text amending the Alternative Investment Fund Managers Directive (AIFMD 2.0).
Combatting evasion: Strategies and reporting protocols for the oil price cap
On 1 February 2024, the United Kingdom and the G7+ Coalition partners, comprising the G7, the European Union, and Australia, have issued an alert to support governments and industry to strengthen Russian oil price cap compliance.
Mandatory annual fee and reporting procedures for FATCA, CRS, and CbCr in the BVI
On 6 December 2023, The BVI International Tax Authority announced that the BVI Financial Accounting Reporting System payment portal will go live in January 2024 and entities subject to reporting obligations concerning the United States Foreign Account Tax Compliance Act, the Organisation for Economic Co-operation and Development, the Common Reporting Standards, and Country by Country Reporting under British Virgin Islands law are required to remit an annual fee of US$185.
EU Council and Parliament forge comprehensive anti-money laundering deal to strengthen financial defences
On 18 January 2024, the European Council and Parliament reached a provisional agreement on an anti-money laundering package to protect the EU and its financial system. The deal includes harmonised rules across the EU, expanding the list of obligated entities to cover the crypto sector, luxury goods traders, and the football sector.
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