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

CIMA reminder re: AML officers

On 7 June 2021 the Cayman Islands Monetary Authority reminded its regulated entities that they must ensure their AML Officers are properly appointed, are able to dedicate sufficient time for the efficient and effective discharge of their respective functions, are well versed in the different types of transactions that the business conducts which may give rise to opportunities for money-laundering, terrorist financing, proliferation financing.

Carolynn Vivian

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

Cayman Islands private funds - audit and FAR filing deadline extended

The Cayman Islands Monetary Authority (CIMA) have advised they expect to release the private funds FAR form by 30 June 2021. Accordingly, the deadline for filing both the Fund Annual Return (FAR) form and the audited financial statements has been extended to 30 September 2021 for all private funds with a financial year end of 31 December 2020 or earlier.

Carolynn Vivian

Cayman Islands regulated entities should have cybersecurity policies and procedures

All Cayman Islands regulated entities, including those that are licenced or registered under the Cayman Islands’ Securities Investment Business Act, are reminded that they should establish, implement, and maintain a documented cybersecurity framework that is designed to promptly identify, measure, assess, report, monitor and control or minimise cybersecurity risks as well as responding to and recovering from cybersecurity breaches that could have a material impact on their regulated business.

Maggie Kwok, Matt Taber,
Carolynn Vivian, Mirza Manraj

Cayman Finance global briefing

On 3 February 2021, the Cayman Finance global briefing was released. The briefing consisted of three presentations from each of the Hon. Alden McLaughlin, Premier of the Cayman Islands, the Hon. Tara Rivers, Minister of Financial Services, and Mrs Cindy Scotland, Managing Director of CIMA.

Carolynn Vivian