Regulatory Blog

Luxembourg is making bold moves to strengthen its start-up and scale-up landscape. Anchored in the "From Seed to Scale" strategy, the government has launched a 10-point action plan aimed at fostering innovation and attracting private investment. Key legislative measures, increased financial support, and ecosystem-building initiatives are the cornerstones of this ambitious reform.

On 2 April 2025, the Bermuda Monetary Authority updated its guidance on the prior approval process for long-term block reinsurance transactions. This includes clarity on transaction scope and reconciling Total Asset Requirements between ceding companies and Bermuda’s Economic Balance Sheet. Applicable to Classes C, D, and E life (re)insurers, the requirements ensure robust oversight, strong governance, and alignment with Bermuda's regulatory standards.

On 24 April 2025, the BVI Financial Services Commission issued Circular 16 updating the industry practitioners regarding Beneficial Ownership filings, Registers of Members, and restoring struck off or dissolved companies.

On 14 April 2025, the European Council adopted another amendment to the Directive on administrative cooperation in the field of taxation, extending exchange of information and cooperation into the Pillar 2 area.

On 6 March 2025, the European Banking Authority initiated a public consultation on four draft Regulatory Technical Standards as part of its advisory response to the European Commission. These RTS aim to bolster the EU's new anti-money laundering and counter financing of terrorism framework.

On 11 April 2025, the Cyprus Securities and Exchange Commission released Circular C703, which serves as a reminder of the regulatory obligations of Cyprus Investment Fund Managers concerning website maintenance and marketing communications.

On 1 April 2025, the British Virgin Islands Financial Services Commission published its Q1 2025 newsletter, outlining several pivotal updates aimed at bolstering oversight and compliance in the financial services industry.

On 24 April 2025, the UK enacted a significant update to its sanctions regime against Russia. These measures, implemented under the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2025, aim to weaken Russia's military-industrial capabilities and offer continued support to Ukraine amidst ongoing aggression. The enhanced sanctions expand previous trade restrictions, focussing on exports, imports, and technology transfers, as well as software and related services.

On 21 March 2025, the Bermuda Monetary Authority released a paper sharing its insights and perspectives on Asset-Intensive Reinsurance in Bermuda. The rise of AIR is directly tied to the shift in demand for Asset-Intensive Insurance. The growth of AIR has become a defining feature of the insurance industry in recent years. Against a backdrop of increasing demand for AII as a result of increased demand for guarantee-based insurance and annuity products, AIR has emerged as a crucial mechanism for insurers worldwide. Bermuda, with its robust regulatory infrastructure and global recognition, plays a pivotal role in supporting and shaping this growing sector.

On 3 April 2025, the Court of Justice of the European Union delivered a significant judgment in C-228/24 Nordcurrent, offering critical guidance on the interpretation of the anti-abuse provisions under the Parent-Subsidiary Directive. This decision has far-reaching implications for businesses operating cross-border structures within the EU.

On 3 April 2025, the Bermuda Monetary Authority published the Quarterly Financial Return templates for the period ending 31 March 2025.

The Virgin Islands has recently published and enacted significant legislative changes aimed at streamlining and updating its financial services framework.