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Campbells Regulatory Update – Q1 2023

The Q1 Regulatory Update provides an overview of the main legal developments in the Cayman Islands and the British Virgin Islands from 1 January to 31 March 2023.  We discuss the following areas:

Cayman Islands

  1. Update in respect of the Cayman Islands’ inclusion on the Financial Action Task Force’s (“FATF”) list of
    countries subject to increased monitoring
  2. Russia (Sanctions) (Overseas Territories) (Amendment) (No.4) Order, 2022 and The Russia (Sanctions)
    (Overseas Territories) (Amendment) Order 2023
  3. 2023 Legislative Revisions / Consolidations
  4. 2023 Legislative Bills
  5. Accountants Act and Regulations
  6. Cayman Islands Monetary Authority (“CIMA”) Updates – Private Fund SP Fees to be Returned

British Virgin Islands

  1. BVI’s inclusion on the EU’s list of non- cooperative jurisdictions for tax purposes (“Annex I”)
  2. Economic Substance Update
  3. Financial Services (Fees) (Amendment) Regulations, 2023
  4. Insolvency (Amendment) Act, 2022, Banks and Trust Companies (Amendment) Act, 2022 and the
    Financial Services Commission (Amendment) Act, 2022
  5. Virtual Asset Services Providers Act, 2022
  6. AML Updates
  7. CRS Updates
  8. BVI Business Companies (Financial Return) Order, 2023 and BVI Business Companies (Amendment)
    Act, 2023
  9. Regulatory (Amendment) Code, 2023

Click here to access the Update: Caribbean Regulatory Update Q1 2023

Campbells advises both local and international banks, insurers, company managers, trust companies, investment managers, administrators and directors on regulatory and compliance matters. For further information please get in touch with your usual Campbells contact or one of the contacts below.

Simon Thomas - Partner, Campbells Grand Cayman - Private Equity

Simon Thomas

+1 345 914 5843

Guy Williamson

+1 284 852 6157