Regulatory Blog

On 25 September 2025, the UK and Bermuda issued a joint statement reinforcing their commitment to sanctions enforcement. During a meeting in Hamilton, UK Minister for Overseas Territories Stephen Doughty and Bermuda Premier David Burt highlighted Bermuda’s leadership in freezing over $200M in sanctioned assets and ensuring robust compliance with UK sanctions.

On 5 September 2025, Cyprus Securities and Exchange Commission amended its Directive DI-87-09 for the restriction on the marketing, distribution or sale of Contracts for Differences.

On 4 July 2025, the BVI Financial Services Commission published its newsletter for Q2 of 2025, highlighting its efforts in advancing regulatory frameworks and promoting financial literacy. Here are the key updates:

The Investment Fund Administrators Law marks a pivotal development in the investment funds space in Cyprus, bringing within the scope of regulation persons providing fund administration services. The IFA Law came into effect on 18 June 2025.

The English High Court recently delivered a significant judgment in Thomas, Carter, Nilson v. PJSC National Bank Trust [2025] EWHC 75 (Ch), addressing whether UK sanctions laws would be breached by distributing bankruptcy funds to PJSC National Bank Trust, a Russian bank. This case provides critical guidance for trustees in bankruptcy navigating the complexities of sanctions compliance.

On 11 July 2025, the Cyprus Securities and Exchange Commission issued Circular 722 to inform Crypto-Asset Service Providers and applicants about the European Banking Authority’s No-Action Letter, published on 10 June 2025, regarding the interaction between Directive (EU) 2015/2366 (PSD2) and Regulation (EU) 2023/1114 (MiCA) in relation to electronic money tokens.

Reporting Financial Institutions and Non-Reporting Financial Institutions in the British Virgin Islands are required to comply with new Common Reporting Standard obligations by 30 September 2025.

The English High Court's judgment in LLC EuroChem North-West-2 and Eurochem Group AG v Societe Generale S.A. and others [2025] EWHC 1938 (Comm) provides crucial guidance on the interpretation of "ownership" and "control" under EU sanctions regulations, particularly in complex corporate structures involving discretionary trusts.

In this regulatory blog post, we provide an overview of the Omnibus Packages I and II designed to simplify sustainability regulations and unlock over €6 billion in administrative relief. This initiative marks a significant step in creating a business-friendly environment that fosters growth, innovation, and job creation across the European Union.

On 29 August 2025, the Cyprus Securities and Exchange Commission issued Directive 73-2009-07 (DORA Fees Directive), focussing on the fees payable by entities falling under EU Regulation 2022/2554 on digital operational resilience for the financial sector which was published in the Official Gazette.

The Cayman Islands Monetary Authority published a new Application Checklist for individuals and entities applying for licenses under Sections 5(1), 6(1), 6(4), and 6(10) of the Securities Investment Business Act. Applicants must complete the updated form, submit all required supporting documents and pay the prescribed application fee.

The National Sanctions Implementation Unit is now established under the Ministry of Finance in Cyprus, and has been set up on 25 July 2025 following the passing of the Establishment of the National Sanctions Implementation Unit and the Implementation of Restrictive Measures and National Sanctions in the Republic Law of 2025.