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
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Senior Associate
  • 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

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

CSSF FAQ on protection of investors in case of NAV calculation errors and investment breaches

On 7 July 2020, the Commission de Surveillance du Secteur Financier (CSSF) published a list of questions and answers in relation to the provisions of CSSF Circular 02/77. The Circular concerns the protection of investors in case of net asset value (NAV) calculation errors and correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment.

Vanessa Molloy

EU Council adopts amendment Directive on deferral of DAC 6

On 24 June 2020, the EU Council adopted an amendment to the Directive on administrative cooperation in the area of taxation. The amendment gives member states an option to postpone, by up to six months, the time limits for the filing and exchange of: (1) the automatic exchanges of information on financial accounts of which the beneficiaries are tax residents in another member state; and (2) the reportable cross border tax planning arrangements.

Andrew Knight, Evi Koutsioumpa

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

Luxembourg announces six month extension to DAC6 reporting and first set of guidance

Following the discussion at EU level for the extension of deadlines for the filing and exchange of information on reportable cross-border arrangements under DAC6, Luxembourg has issued an announcement stating that it would introduce a draft law providing for a six month extension for the filing and exchange of information on reportable cross-border arrangements and it would not apply late filing penalties until the extension is implemented.

Andrew Knight, Evi Koutsioumpa
Tax