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Regulatory Blog

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Update to UK Sanctions on Russia-Ukraine-Belarus (up to 30 September 2022)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
BVI empowers its International Tax Authority to issue administrative penalties and take other enforcement action
On 4 August 2022, BVI passed the International Tax Authority (Administrative Penalties) Regulations (the Regulations). The Regulations came into force as of 14 June 2022.
CIMA publishes new AML surveys for securities registered and licensed persons and virtual asset services providers – 7 October deadline
The Cayman Islands Monetary Authority has started to publish its latest anti-money laundering surveys for entities that they regulate (not including investment funds). The surveys will be issued in stages and the first have just been sent to financial service providers that carry out securities investment business or virtual asset services business. The surveys are accompanied by guidance on their completion and submission.
Cyprus Registrar advises no penalties under its “interim” UBO register
On 5 August 2022, the Department of Registrar of Companies and Intellectual Property of the Ministry of Energy, Commerce and Industry announced that no penalties would be imposed for failures to comply with filing requirements under its interim register for Beneficial Ownership information.
BVI calls for feedback on proposed Virtual Assets Service Providers Bill 2022
On 9 September 2022, the BVI Financial Services Commission (FSC) issued a draft of the BVI’s proposed new legislative framework governing Virtual Assets Service Providers (VASPs). The proposal is in line with the requirements of the Financial Action Task Force (FATF) on VASP regulation globally.
BVI FSC’s new Authorisation and Supervision Division is now operational
The British Virgin Islands Financial Services Commission (BVI FSC) announced that its new Authorisation and Supervision Division has become fully operative as of 1 July 2022.
CySEC announces online seminars
On 11 August 2022, the Cyprus Securities and Exchange Commission (CySEC) published a list of one day online seminars focussing on significant issues, for persons registered in the Certification Registers.
Update to EU Sanctions on Russia-Ukraine-Belarus (up to 1 September 2022)
European Union has issued significant and far-reaching sanctions and restrictive measures on Russia and the Russian Economy. View a table of all the sanctions here
Cyprus reminds entities about their enhanced sanctions disclosure obligations (and the reporting deadline of 1 September 2022)
On 9 August 2022, the Ministry of Finance published an announcement regarding the obligation of natural and legal entities, as listed in Annex I of Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (Regulation 269/2014) to report funds or financial resources belonging to, owned, held or controlled by them which are located in Cyprus.
EU updates its FAQs on reporting obligation under the oil import restrictions
On 26 July 2022, the European Commission updated its Frequently Asked Questions (FAQs) on Article 3m(3) a&b and 3m(10) of Council Regulations 833/2014 in regards to the reporting obligations under the oil import restrictions that were included to the EU’s sixth package of sanctions against Russia.
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