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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 Compliance with EU Regulation 2022/2554 on DORA: Cyprus Ministry of Finance assigns key competent authorities 
 On 14 August 2025, the Cyprus Ministry of Finance has formally determined the competent authorities which would be responsible to ensure compliance with Regulation 2022/2554 on Digital Operational Resilience for the Financial Sector on the basis of the Regulatory Administrative Act 252/2025. 
 30 Oct 2025 
 European authorities advocate for a stronger MiCA framework 
 On 15 September 2025, the French, Austrian, and Italian financial authorities issued a joint letter and press release calling for critical adjustments to the MiCA regulation. These proposals aim to address certain gaps which the regulators state they have identified in the current framework. 
 29 Oct 2025 
 Bermuda Monetary Authority’s next steps in public disclosure reform 
 On 29 September 2025, the Bermuda Monetary Authority published a letter to stakeholders responding to the public consultation paper entitled “Proposed Enhancements to Public Disclosure Regime: Public Disclosure of Assets and Liabilities for Commercial Long-term Insurers.” 
 28 Oct 2025 
 Bermuda strengthens leadership in digital finance with Stablecoin Association launch 
 On 6 August 2025, Bermuda hosted key digital finance leaders for two pivotal events: the launch of the Bermuda Stablecoin Association and a Digital Finance Roundtable led by the Ministry of Finance. 
 23 Oct 2025 
 ESMA’s investor alert: Risks of CASPs offering unregulated crypto products 
 On 11 July 2025, the European Securities and Markets Authority issued a warning to investors about the risks associated with unregulated products offered by regulated crypto-asset service providers. This "halo effect" can lead to confusion, as clients may mistakenly believe that all products and services offered by a regulated CASP are protected under the Markets in Crypto-Assets Regulation. 
 22 Oct 2025 
 VAT and transfer pricing: ECJ ruling sets new precedent 
 On 4 September 2025, the Court of Justice of the European Union issued a pivotal judgment in Case C-726/23, addressing the VAT implications of transfer pricing adjustments within multinational groups. This decision clarifies the VAT treatment of intra-group transactions and the evidentiary requirements for VAT deductions. 
 21 Oct 2025 
 Cyprus businesses and CSRD: Key deadlines overview 
 Cyprus has transposed the Corporate Sustainability Reporting Directive into national law, marking a significant step towards enhanced corporate transparency and sustainability. The amendments to the Companies Law, among others, were published in the Official Gazette on 29 July 2025. 
 20 Oct 2025 
 Luxembourg draft bill to transpose the AIFMD II: No extra burdens for AIFMs 
 On 3 October 2025, the Luxembourg Government introduced Draft Bill No. 8628 to transpose AIFMD II (Directive (EU) 2024/927) into national law. 
 17 Oct 2025 
 EU sanctions on Russia tighten: CySEC notice on transaction ban rules 
 On 23 September 2025, the Cyprus Securities and Exchange Commission issued Circular C728, drawing attention to the recent amendments to Article 5h of Regulation (EU) 833/2014. These changes significantly expand the scope of restrictive measures against Russia in response to its military aggression against Ukraine. 
 16 Oct 2025 
 AG opinion on the interplay of EU sanctions and trusts in the “T Trust” Case: Key takeaways 
 The EU Advocate General's Opinion in Case C-483/23 sheds light on the application of the EU’s core sanctions regime under Regulation 269/2014 as regards assets placed in trusts by sanctioned individuals. 
 16 Oct 2025 
 ESMA reviews Malta’s MiCA authorisation standards 
 On 10 July 2025, the European Securities and Markets Authority published a peer review on the Malta Financial Services Authority's authorisation of Crypto Asset Service Providers under the Markets in Crypto-Assets Regulation. 
 15 Oct 2025 
 Cyprus Beneficial Ownership Register: Key deadlines and penalties 
 The Cyprus Department of the Registrar of Companies and Intellectual Property recently issued a set of key reminders for all companies, partnerships, and European Public Limited Companies that are subject to reporting obligations with respect to the Beneficial Ownership Register in Cyprus. 
 13 Oct 2025 

