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

UK extends renewed Myanmar sanctions to the Overseas Territories

Hot on the trail of equivalent legislation in the UK, the Myanmar (Sanctions) (Overseas Territories) Order 2021 (the Myanmar OT Order) was made on 28 April 2021 and came into force on 29 April 2021. The Myanmar OT Order extends renewed UK sanctions on Myanmar (Burma) to Anguilla, the British Virgin Islands and the Cayman Islands among others. Bermuda has also given effect to the Myanmar OT Order.

Mirza Manraj

BVI prolongs the Financial Services (Exceptional Circumstances) Act, 2020

In March 2020, at the start of the global COVID-19 pandemic, in order to ensure the effective and continued operation of financial services in the BVI, the Financial Services (Exceptional Circumstances) Act 2020 (the Act) was passed. The Act covers how the continued operation of financial services business will be maintained in exceptional circumstances. In accordance with the Act, the Financial Services (Exceptional Circumstances) Order, 2020 (the Order) declared the COVID-19 pandemic, exceptional circumstances for which different or special measures are required to ensure the continued operation of financial services business.

Kimberly Seagojo

BVI regulator issues new rules and standards for insurance companies

On 7 April 2021, the BVI Financial Services Commission issued new rules and standards of business for BVI insurance companies in the form of a brand new Regulatory (Insurance Code of Conduct) Code 2021 and insurance-specific amendments to the FSC’s generic Regulatory Code 2009. The changes are relevant to both insurance underwriters as well as insurance intermediaries such as brokers, managers and agents.

Mirza Manraj, Aki Corsoni-Husain,
Ayana Hull

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

Important changes to the prudential reporting regime for BVI licensees

The BVI Financial Services Commission has overhauled the prudential reporting regime for licensed entities with effect from 15 February 2021. The changes are far-reaching and must be taken note of by directors and other senior managers. Particular attention should be paid to the deadlines relevant to each type of return.

Mirza Manraj, Ayana Hull,
Aki Corsoni-Husain, Philip Graham