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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IAB Europe provides key recommendations on improving GDPR enforcement in cross-border cases
On 26 October 2023, the Interactive Advertising Bureau, a European association representing digital marketing and advertising companies, released a paper with recommendations for enhancing GDPR enforcement in cross-border cases. This is in response to the European Commission's aim to simplify GDPR enforcement in these cases.
23 Nov 2023
EDPB imposes EU ban on Meta's targeted advertising
On 27 October 2023, the European Data Protection Board issued an urgent binding decision instructing the Irish Data Protection Authority to take definitive action against Meta Ireland Limited within two weeks and impose a ban on the processing of personal data for behavioural advertising in the European Economic Area based on the lawful bases of contract and legitimate interest.
14 Nov 2023
Meta introduces ad-free subscription plans for Instagram and Facebook in Europe to address regulatory challenges
Meta Platforms Ireland Limited, the parent company of Instagram and Facebook, has introduces its ad-free subscription plans for European users. This move aims to address the regulatory scrutiny received by Meta for alleged data protection violations concerning personalised advertising, which could potentially impact Meta's primary revenue source.
10 Nov 2023
EU prepares for the Digital Operational Resilience Act strengthening financial cybersecurity
The EU’s Digital Operational Resilience Act, known as “DORA,” was implemented through Regulation (EU) 2022/2554 and is set to become applicable on 17 January 2025. It aims to enhance the security of network and information systems in supporting the business processes of financial institutions across the European Union, in particular against cyber-attacks and similar threats.
03 Nov 2023
EU Council adopts DAC8: Another directive to strengthen the exchange of information in the field of taxation
On 17 October 2023, the Council of the European Union adopted Directive 2011/16/EU on administrative cooperation in the field of taxation, aimed at strengthening the cooperation and exchange of information between national tax authorities. This directive primarily focusses on crypto-assets and tax rulings for high-net-worth individuals. It also takes the opportunity to extend the scope of the categories of income subject to exchange of information.
31 Oct 2023
EU updates its tax blacklist
On 17 October 2023 the European Council made significant adjustments to its list of non-cooperative jurisdictions for tax purposes.
27 Oct 2023
Cyprus releases draft law implementing EU Pillar Two Directive
On 3 October 2023, the Cyprus Ministry of Finance introduced a harmonisation bill for 2023, entitled "The Law on Ensuring a Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union", aligning with the European Directive 2022/2523.
27 Oct 2023
BVI removed from EU tax blacklist
On 17 October 2023, the BVI Ministry of Financial Services, Labour, and Trade issued a press release announcing the removal of the BVI from the EU list of non-cooperative tax jurisdictions (Annex I or EU Blacklist).
23 Oct 2023
Luxembourg's implementation of Pillar Two – global minimum tax
On 4 August 2023, Luxembourg published draft law No.8292 (the Bill), to transpose Council Directive (EU) 2022/2523 of 14 December 2022, here, which addresses the global minimum taxation for multinational corporate groups and substantial national entities within the European Union.
19 Oct 2023