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The COVID-19 outbreak has forced the government of the Republic of Cyprus to introduce aggressive and severe emergency measures and restrictions on movement for the public, through relevant Decrees issued by the Minister of Health, in an attempt to contain the spread of COVID-19, impacting all sectors of industry and the economy in Cyprus, including the banking sector, and by extension Credit Acquiring Companies (CYCACs).

There has been increasing focus from investors in strategies which increase gender diversity amongst the portfolio management team and the industry generally. The challenge is, however multifaceted, structural in that there are far fewer women than men entering into the traditional feeder courses and careers into portfolio management, such as investment banking, and requires the overcoming of outdated and incorrect gender biases relating to women managing large amounts of money.

The BVI International Tax Authority (ITA) has issued two updates in light of the Covid-19 outbreak, which include details of temporary arrangements for entities balancing their economic substance obligations with meeting the challenges and mitigating risks presented by the outbreak.

The Cayman Islands Automatic Exchange of Information regime has been varied in the following ways: FATCA and CRS reporting deadlines extended, list of reportable jurisdictions expanded, FATCA regime now includes the concept of an authorised person, Entities now able to act as Principal Point of Contact (PPOC) and Authorised Person (AP), an entity that is licensed by the Cayman Islands Monetary Authority (CIMA) may act as both the PPOC and AP

The rapid blow-out of the COVID-19 pandemic has meant that governments around the globe, including the government of Cyprus, were required to introduce new policy in an attempt to constrain COVID-19. The effects and time-spread of COVID-19 are currently hard to assess and will greatly depend on how effectively and at what pace the restrictive measures which have been introduced worldwide, will minimise this global shock.

The rapid spread of the novel coronavirus (COVID-19) and the measures put in place by national governments to contain it are having profound and swift global economic impact. Many businesses which appeared financially healthy just a few weeks ago now face severe stress and, while many will recover strongly, others will inevitably fail.