Global Legislative Update 2022/2023

Anguilla – Provided by Webster LP

Recent Legislation

• Business Companies Act 2022
• Business Companies Regulations 2022
• Commercial Registry and Beneficial Ownership Registration System Act 2022
• Commercial Registry and Beneficial Ownership System Regulations 2022
• Anti-Money Laundering and Terrorist Financing (Amendment) Code 2022
• Anti-Money Laundering and Terrorist Financing (Amendment) Regulations 2022
• Externally and Non-Regulated Service Providers (Amendment) Regulations 2022
• Proceeds of Crime (Amendment) Act 2022
• Financial Services Commission (Amendment) Act 2022
• Goods and Services Tax (Amendment) Act 2022
• Goods and Services Tax Regulations 2022

Pending Legislation

• Trust and Corporate Service Providers Bill Nov 2022
• Trust and Corporate Service Providers (Fees) Regulations Nov 2022
• Financial Services (Prudential and Statistical Returns) Regulations 2022
• Amendment to the Anguilla Utility Token Offering Act
• Anguilla Private Trust Companies Regulations 2022

Austria – Provided by Wolf Theiss

Recent Legislation

• Act on an Energy Crisis Contribution regarding Electricity
• Act on an Energy Crisis Contribution regarding Fossil Energy Sources
• Budget Accompanying Act 2023
• Cost-of-living Relief Package Act I, II and III
• Tax Amendment Act 2022
• Eco-Social Tax Reform Act 2022

Bahamas – Provided by the Bahamas Financial Services Board

Recent Legislation

• The Proceeds of Crime (Amendment) Act, 2022
• The Anti-Terrorism (Amendment) Act, 2022
• The Register of Beneficial Ownership (Amendment) Act, 2022
• Digital Assets and Registered Exchanges (Amendment) Act, 2022
• Financial Transactions Reporting (Amendment) Act, 2022
• Evidence (Amendment) Act, 2022
• Criminal Procedure Code (Amendment) Act, 2022
• Climate Change and Carbon Market Initiatives Act, 2022
• The Business Licence (Amendment) Act, 2022
• The Real Property Tax (Amendment) Act, 2022
• The Stamp (Amendment) Act, 2022
• The Value Added Tax (Amendment) Act, 2022
• Evidence (Amendment) (No. 2) Act, 2022
• Carbon Credit Trading Act, 2022
• Automatic Exchange of Financial Account Information (Amendment) Act, 2022
• The Value Added Tax (Amendment) (No.2) Act, 2022
• National Investment Funds Act, 2022

British Virgin Islands – Provided by Elise Donovan, BVI Finance

Recent Legislation

• Anti-money Laundering (Amendment) Regulations, 2023 
• Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2023 
• Banks and Trust Companies (Amendment) Act, 2023 
• BVI Business Companies (Amendment) Act, 2023 
• BVI Business Companies (Financial Return) Order, 2023 
• Company Management (Amendment) Act, 2023 
• Counter-Terrorism (Amendment) Act, 2023 
• Criminal Justice (International Co-operation (Amendment) Act, 2023 
• Customs Management and Duties (Amendment) Act, 2023 
• Drug Trafficking Offences (Amendment) Act, 2023 
• Financial Investigation Agency (Amendment) Act, 2023 
• Financial Services (Fees) (Amendment) Regulations, 2023 
• Financial Services Commission (Amendment) Act, 2023 
• Financing and Money Services (Amendment) Act, 2023 
• Insolvency (Amendment) Code of Practice, 2023 
• Insolvency (Amendment) Rules, 2023 
• Insurance (Amendment) Act, 2023 
• International Tax Authority (Amendment) Act, 2023 
• Limited Partnership (Amendment) Act, 2023 
• Partnership (Amendment) Act, 2023 
• Proceeds of Criminal Conduct (Amendment) Act, 2023 
• Regulatory (Amendment) Code, 2023 
• Securities and Investment Business (Amendment) Act, 2023 
• Virgin Islands Deposit Insurance (Amendment) Act, 2023 
• Virgin Islands Deposit Insurance Corporation Regulations, 2023 

Cayman Islands – Provided by Robert Lindley, Partner, and Maree Martin, Counsel, Conyers

Recent Legislation

• Anti-Money Laundering (Class A and Class B Bank Threshold Reporting) Regulations, 2022 (1 March 2022)
• Beneficial Ownership (Limited Liability Companies) Regulations (2023 Revision) (12 January 2023)
• Companies Act (2023 Revision) (13 January 2023)
• Anti-Money Laundering Regulations (2023 Revision) (31 January 2023)
• Limited Liability Companies (2023 Revision) (1 January 2023)
• Limited Liability Partnership Act (2023 Revision) (1 January 2023)

Associated Guidance

• CIMA Regulatory Procedure – Cancellation of Certificates of Registration for Registered Private Funds (17 August 2022)
• CIMA Regulatory Procedure – Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds (17 August 2022)
• CIMA Rule - Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Registered Private Funds (22 August 2022)
• Guidance Notes on Complying with Beneficial Ownership Obligations in the Cayman Islands (26 July 2022)
• Economic Substance for Geographically Mobile Activities Guidance V3.2 (July 2022)
• Economic Substance (ES) Enforcement Guidelines (31 March 2022)
• Common Reporting Standard (CRS) Enforcement Guidelines (31 March 2022)

Pending Legislation

• Identification Register Bill, 2022. Both the Cayman Islands Identification Card Act and the Identification Register Act have been passed by Parliament as Acts but they are not yet in force.
• Consultation on the Beneficial Ownership materials – Beneficial Ownership Transparency Bill 2022, Beneficial Ownership Transparency Regulations 2022

Guernsey – Provided by Rupert Pleasant, Guernsey Finance

Key legislation registered* concerning the island of Guernsey (excluding Alderney and Sark) from 1.1.2022 to 28.11.2022 with pending and expected legislation up to July 2023.

• Beneficial Ownership (Miscellaneous Amendments) (Guernsey) Law, 2022
• Economic and Financial Crime Bureau and Financial Intelligence Unit (Bailiwick of Guernsey) Law, 2022 (guernseylegalresources.gg)
• Economic and Financial Crime Bureau and Financial Intelligence Unit (Bailiwick of Guernsey) Law, 2022 (Commencement) Ordinance, 2022
• The Economic and Financial Crime Bureau and Financial Intelligence Unit (Amendment) Regulations, 2022
• The Beneficial Ownership (Definition) (Amendment) Regulations 2022
• Income Tax (Guernsey) (Amendment) Ordinance, 2022
• Income Tax (Guernsey) (Amendment) (No. 2) Ordinance, 2022
• Forfeiture of Money etc. in Civil Proceedings (Bailiwick of Guernsey) (Amendment) Ordinance, 2022
• The Forfeiture of Money etc in Civil Proceedings (Designation of Countries) (Bailiwick of Guernsey) Regulations, 2022
• The Limited Partnerships (Annual Validations) (Striking Off) Regulations 2022

• The Companies (Annual Validation) (Amendment) Regulations, 2022
• The Fiduciary (Amendment) (No 2) Rules 2022
• The Licensees (Capital Adequacy) (Amendment) Rules 2022
• The Fiduciary (Amendment) Rules, 2022
• The Financial Services Commission (Fees) (Amendment) Regulations, 2022

• The Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 as amended by The Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2021 both commenced by the Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (Commencement and Application) Regulations, 2022 and accompanied by The Companies (Guernsey) (Insolvency Rules) Regulations, 2022 with effect from 1.1.2023

• Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (commencing in part 1.1.2023 and fully 1.7.2023)

Subsidiary rules have now been issued together with a list of further exemptions

• Lending, Credit and Finance Rules 2023 (with effect from 1.2.2023)
• Lending Credit and Finance (Designated Jurisdiction) Regulations, 2023 – UK equivalent pt. 2.
• Notice with respect to the disapplication of the requirement to hold a licence under section 40 LCF Law (exemptions)
• Approved Qualifications for offering credit services - Lending, Credit & Finance Rules 2023, issued 26.1.2023

Pending Legislation

• The Economic and Financial Crime Bureau and Financial Intelligence Unit (Amendment) Regulations, 2022
• The Forfeiture of Money etc in Civil Proceedings (Designation of Countries) (Bailiwick of Guernsey) Regulations, 2022
• The Income Tax (Guernsey) (Amendment) (No. 3) Ordinance, 2022

Hong Kong – Provided by Patricia Woo, Squire Patton Boggs

Recent Legislation

• The Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022 (the Amendment Bill) was gazetted on 9 December 2022 and introduced into the Legislative Council on 14 December 2022.
• On 1 January 2023, the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Ordinance 2022 (the Amendment Ordinance), which amended the provisions in relation to the FSIE regime under the Inland Revenue Ordinance (Cap. 112) (IRO), came into operation.

Pending Legislation

• A new licensing regime under the Securities and Future Commission for centralised virtual asset trading platforms (VA trading platforms) trading nonsecurity tokens will come into effect on 1 June 2023.
• The Hong Kong Monetary Authority (HKMA) issued on 31 January 2023 the consultation conclusion to the discussion paper on crypto-assets and stablecoins and proposed to bring certain activities relating to stablecoins into the regulatory perimeter.

Ireland – Provided by Aileen Keogan, Keogan Law & Tax

Recent Legislation

• Finance Act 2022 generally with effect from 1 January 2023
• Birth Information and Tracing Act 2022

Pending Legislation

• Courts and Civil Law (Miscellaneous Provisions) Bill 2022
• Assisted Decision-Making (Capacity) (Amendment) Act 2022 amends the Assisted Decision-Making (Capacity) Act 2015 – the 2015 legislation is due to come into force on 26 April 2023 reforming the law on Enduring Powers of Attorney, wardship and generally in relation to the provision for persons with disabilities including amending the test of legal capacity.

Jersey – Provided by Jersey Finance’s Legal and Technical Team

Recent Legislation

• Bank (Recovery and Resolution) (Jersey) Law 2017
• Bank (Recovery and Resolution – Amendment of Law) (Jersey) Regulations 2022
• Bank (Recovery and Resolution – Commencement of Law) (Jersey) Act 2022
• Banking Business (Amendment No 9) (Jersey) Law 2022
• Companies (General Provisions) (Amendment No. 6) (Jersey) Order 2022
• Companies (Amendment No. 8) (Jersey) Regulations 2022
• Electronic Communications (Amendment No. 2) (Jersey) Law 2022
• Electronic Communications (Exclusion for Wills and Lasting Powers of Attorney) (Jersey) Order 2022
• Financial Services (Investment Business (Client Assets)) (Amendment No. 2) (Jersey) Order 2022
• Financial Services Commission (Amendment No. 8) (Jersey) Law 2022
• Financial Services Commission (Financial Penalties) (Amendment No. 2) (Jersey) Order 2022
• Financial Services (Amendment of Law No 6) (Investment Business) (Jersey) Regulations 2022
• Financial Services (Amendment of Schedules to Law (No. 2) (Jersey) Order 2022
• Income Tax (Amendment of Law – Limited Liability Companies) (Jersey) Regulations 2022
• Limited Liability Companies (Jersey) Law 2018
• Limited Liability Companies (Amendment No. 2) (Jersey) Law 2022
• Limited Liability Companies (Commencement) (Jersey) Act 2022
• Limited Liability Companies (Consequential Amendments) (Jersey) Regulations 2022
• Limited Liability Companies (General Provisions) (Jersey) Regulations 2022
• Limited Liability Companies (Winding Up and Dissolution) (Jersey) Regulations 2022
• Limited Partnerships (Amendment No. 2) (Jersey) Law 2022
• Non-Profit Organisations (Miscellaneous Amendments) (Jersey) Law 2022
• Proceeds of Crime (Enforcement of Confiscation Orders) (Amendment) (Jersey) Regulations 2022
• Proceeds of Crime (Financial Intelligence) (Amendment) (Jersey) Regulations 2022
• Proceeds of Crime (Supervisory Bodies) (Amendment No. 2) (Jersey) Law 2022
• Proceeds of Crime (Amendment No. 5) (Jersey) Law 2022
• Proceeds of Crime (Amendment No. 6) (Jersey) Law 2022
• Proceeds of Crime (Amendment No. 7) (Jersey) Law 2022
• Sanctions and Asset-Freezing (Implementation of External Sanctions) (Amendment – Russia) (Jersey) Order 2022
• Sanctions and Asset-Freezing (Implementation of External Sanctions) (Russia – Amendment No. 2-10) (Jersey) Order 2022
• Sanctions and Asset-Freezing (Implementation of External Sanctions) (Exceptions and Licences – Amendment) (Jersey) Order 2022
• Sanctions and Asset-Freezing (Amendment – Automatic Implementation of UK Sanctions on Russia) (Jersey) Order 2022
• Sanctions and Asset-Freezing (Amendment No. 2) (Jersey) Law 2022
• Taxation (Income Tax, Goods and Services Tax and Revenue Administration) (Amendment) (Jersey) Law 2022
• Limited Liability Companies (Jersey) Law 2018, which came into force on 14 February 2023.

Panama – Provided by Derek Sambrook, Topaz Services, S.A.

Recent Legislation

• Law 129 in 2020, in order to ensure that a non-public register would be maintained, detailing ultimate beneficial owner of every legal Panamanian entity. The regulations underpinning the law were brought into force by Executive Decree Number 13 of 25th March, 2022, and which was modified, as per Executive Decree Number 15 of 30th March, 2022.
• Law 23 in 2015 addressing money laundering and financing of terrorism which also covered the proliferation of weapons of mass destruction. On 6th September, 2022, accompanying regulations were promulgated.
• Declaration Number 006-2022 published on 14th June, 2022, and which modified a Declaration issued in 2015, procedures were strengthened in relation to the risk and customer profiles analyses to be undertaken by banks and trust companies.
• Lawyers and accountants have come under heightened supervision this year, as per government Declarations numbers JD-01-2022 and JD-02-2022.
• All Resident Agents (who can only be lawyers) must comply with government Resolution Number S-011-2022 published on 5th July 2022.
• In January, 2023, a decree was promulgated through Executive Decree No. 2 of January 5, 2023, which modified format requirements for recording additional UBO information with government as follows: address, date on which acquired the status of final beneficiary; in the case of legal entities, the natural person who ultimately owns or controls 10% or more of the shares, and in the case of natural persons the percentage is raised to 25%.

Singapore – Provided by Sim Bock Eng and Queeny Low, WongPartnership

Recent Legislation

• Corporate Registers (Miscellaneous Amendments) Act 2022
• Stamp Duties 1929 (Amendment of First Schedule) Notification 2022
• The application of Additional Buyer’s Stamp Duties (“ABSD”) of 35% for the transfer of residential properties to a living trust.
• Income Tax (Amendment) Act 2022
• Goods and Services Tax (Amendment) Act 2022
• From 15 February 2023, the Buyer Stamp Duty for both residential and non-residential properties will increase.
• The Economic Development Board on 2 March 2023 announced changes to the Global Investor Programme.

Pending Legislation

• Business Trusts (Amendment) Bill 2022
• On 9 February 2023, the Accounting and Corporate Regulatory Authority, the Ministry of Finance and the Monetary Authority of Singapore proposed legislative amendments to enable the conduct of general meetings by electronic means in the Companies Act 1967, Variable Capital Companies Act 2018 and the Business Trusts Act 2004.