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

EU imposes sanctions in relation to the military coup in Myanmar/Burma

On 22 March 2021, the EU Council imposed restrictive measures on 11 individuals in relation to the military coup staged in Myanmar/Burma on 1 February 2021, and the subsequent military and police repression against peaceful demonstrators. On 19 April 2021, the Council added 10 individuals and two military controlled companies to the list of those subject to sanctions.

Chiara Deceglie, Marina Stavrou

Cypriot Registrar of Companies commences the collection of information for the Beneficial Ownership Register

The Cypriot competent authorities have announced the establishment of the central register of the beneficial owners (BOs) of companies and other legal entities, to the extent that they are registered with the Department of Companies and Official Receiver. The officers of Cypriot entities are obliged to identify and record electronically on the beneficial owner register the required information of the BOs of such entities.

Aki Corsoni-Husain, Andrea Moundi Savvides,
Theodoros Zafiropoulos

ESAs remind consumers about crypto-asset risks

On 17 March 2021, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) issued a reminder alert to consumers that some crypto-assets are highly risky and speculative and, as stated back in February 2018 in the ESAs’ then joint warning, users must be alert to the high risks of buying and/or holding these instruments, including the possibility of losing all their money.

George Apostolou

EU revokes sanctions regime in Egypt

On 12 March 2021, the Council of the EU revoked the bloc’s framework for sanctions against persons identified as responsible for the misappropriation of Egyptian state funds and lifted the restrictive measures currently in force against nine Egyptian individuals.

Aki Corsoni-Husain, Chiara Deceglie,
Mirza Manraj

Cyprus finally implements 5th AML Directive

On 18 February, the Cypriot Parliament approved the Prevention and Suppression of Money Laundering (Amendment) Law 2021 (the AML Amendment) bringing the Cypriot AML regime into line with its EU obligations by implementing the requirements of the EU’s Fifth Money Laundering Directive 2018/843 (5AMLD). Cyprus was legally obliged by the EU to have implemented 5AMLD by the directive’s deadline of 10 January 2020, so the transposition has been well overdue.

Aki Corsoni-Husain, Marina Stavrou,
Andrea Moundi Savvides

Cyprus regulator comments on new EU Sustainable Finance Disclosures Regulation

To recap the Sustainable Finance Disclosures Regulation (SFDR) came into force across the EU on 10 March 2021 and mandates that financial market participants such as asset managers and financial advisers are required to move capital towards more sustainable businesses. The SFDR forms part of a package of regulations on the Union’s Environmental, Social and Governance policy.

Aki Corsoni-Husain