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

BVI suite of e-legislation brought into force

The proclamations bringing into force the Data Protection Act 2021, the Electronic Filing Act 2021, the Electronic Transaction Act 2021, and the Electronic Transfer of Funds Act 2021 were published in the Gazette on 9 July 2021. All of these pieces of legislation are now in force.

Mirza Manraj

Sanctions update on Belarus

On 21 June 2021, the governments of the EU, UK, US and Canada issued a joint statement on the decision to impose increased sanctions on Belarus in response to the 23 May forced landing of a commercial Ryanair flight between Athens and Vilnius and the politically motivated arrest of journalist Raman Pratasevich and his companion Sofia Sapega, as well as to the continuing attack on human rights and fundamental freedoms.

Aki Corsoni-Husain

FSC regularises waiver policy on enforcement, as relevant to BVI agents

On 22 April 2021, the BVI House of Assembly passed the Financial Services Commission (Amendment) Act, 2021 which introduces a new section 54B to the Financial Services Commission Act, 2001. This new provision introduces the legal basis on which the BVI Financial Services Commission (FSC) may waive monetary penalties for the failure of licensees to file a document within a prescribed time limit where the failure is caused by either the registered agent, authorised agent or other persons, or an act of God.

Aki Corsoni-Husain, Kimberly Seagojo

BVI introduces data protection regime

On 6 April 2021, the BVI government passed the Data Protection Act (the DPA). The DPA was published in the gazette on 13 April 2021 but has not yet come into force – it will come into force on a date to be determined by the government and this is expected imminently.

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