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

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

CSSF on SFDR special accelerated procedure

On 5 February 2021, the Commission de Surveillance du Secteur Financier (CSSF) issued a press release as a reminder that UCITS management companies and alternative investment fund managers will have to comply with Regulation (EU) 2019/2088 on the publication of information on sustainability-related disclosures in the services sector on 10 March 2021.

Vanessa Molloy

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

Luxembourg government issues 2021 budget bill: Changes in tax law to control the surge in real estate prices and encourage sustainable economy

On 14 October 2020, the Luxembourg government issued bill n° 7666 regarding the 2021 budget (the Bill), introducing changes to Luxembourg tax law applicable from 1 January 2021. The Bill is strongly influenced by the Covid-19 crisis on the expenditure side, but also by a political decision to limit speculation on housing, as well as Luxembourg’s sustainability goals on the revenue side of the 2021 budget.

Victor Le Pape, Vanessa Molloy,
Andrew Knight

CSSF clarification on what constitutes providing services “in Luxembourg”

On 1 July 2020, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 20/743 which amends the CSSF Circular 19/716 on the provision of investment services or performance of investment activities and ancillary services, in Luxembourg, in accordance with Article 32-1 of the law of 5 April 1993 of the financial sector, as amended (the LFS). The Circular was addressed to all third-country firms that provide or wish to provide investment services, perform or wish to perform investment activities and that propose or wish to propose ancillary services in Luxembourg.

Vanessa Molloy

ESMA aims at disparity in Europe over cost-oversight between UCITS and Alternative Investment Funds

On 4 June 2020, the European Securities and Markets Authority (ESMA) published a supervisory briefing (Briefing) aiming to reduce the risk of regulatory arbitrage and ensure equal levels of investor protection regarding cost-related regulations under the Undertakings for the Collective Investment in Transferable Securities (UCITS) regime and Alternative Investment Funds (AIFs).

Aki Corsoni-Husain, Vanessa Molloy