Radar archive — May 2026
Panama legislates economic substance to court an EU-list exit
On 27 May 2026 Panama's Ministry of Economy and Finance announced approval of a Law on Economic Substance that adds a new chapter to the Fiscal Code. Entities within multinational groups that receive passive foreign-source income — dividends, interest, royalties, capital gains and real-estate rents — and cannot show qualified staff, premises, strategic decision-making and real operating expenses face a fixed 15% tax. It applies from fiscal year 2027, with a 90-day period for implementing regulations.
Implications for capital — The measure conditions Panama's territorial treatment of passive income on demonstrable local substance and is framed as part of the country's alignment with international tax-transparency standards.
SFC refreshes rules for authorised funds holding virtual assets
A revised SFC circular dated 27 May 2026 restates the conditions under which funds with virtual-asset exposure above 10% of net asset value may be authorised for public offer in Hong Kong, superseding the April 2025 version. It sets requirements on management-company track record and expertise, eligible underlying assets, and permitted VA-related activities. Exposure to licensed fiat-referenced stablecoins and tokenised deposits is carved out and addressed separately.
Implications for capital — The circular defines how retail-facing authorised funds can gain crypto exposure and which managers qualify to run them, shaping where regulated digital-asset fund capital can be raised. The 10% threshold marks the line between incidental and material VA exposure for authorisation purposes.
CJEU upholds legitimate-interest access to beneficial owners of Italian trust mandates
On 21 May 2026 the Court of Justice (Joined Cases C-684/24 Across Fiduciaria and C-685/24 Unione Fiduciaria) confirmed that AML rules granting legitimate-interest access to beneficial-ownership information are compatible with the Charter, and that the Italian mandato fiduciario falls within the trust-like arrangements subject to disclosure even without transfer of ownership.
Implications for capital — Reinforces that fiduciary and trust-like vehicles across the EU face beneficial-ownership disclosure to parties with a legitimate interest, subject only to narrow, individually assessed exemptions.
European Commission opens targeted review of MiCA
On 20 May 2026 the Commission launched a targeted consultation on the review of the Markets in Crypto-Assets Regulation, examining whether the framework remains fit for purpose as institutions and asset managers move into tokenised and DLT-based markets. Responses close 30 September 2026 and will feed a Commission report that may propose legislative amendments.
Implications for capital — Signals the direction of the EU's next crypto-asset legislative cycle, with potential changes affecting how tokenised assets and crypto services are structured and supervised.
Source: European Commission (DG FISMA)
FINMA consults on tightened anti-money-laundering rules
FINMA opened a consultation (12 May to 9 June 2026) on a partial revision of the FINMA Anti-Money Laundering Ordinance, requiring intermediaries to better understand customer ownership and control structures, strengthening controls against breaches of Embargo Act measures, and adding due-diligence duties for correspondent-banking transitory accounts and sub-accounts held for individual clients. The revisions follow amendments to the Anti-Money Laundering Act and FATF recommendations.
Implications for capital — Deeper beneficial-ownership and sanctions-screening obligations bear directly on how holding structures and layered accounts are documented and serviced by Swiss financial intermediaries.
Source: FINMA
Cyprus funds must now carry at least two liquidity tools
CySEC adopted the ESMA guidelines on liquidity management tools for UCITS and open-ended AIFs (Circular C776), requiring each fund to select and calibrate at least two appropriate tools against its strategy and redemption profile. The requirement applies to new funds from 16 April 2026 and to existing funds from 16 April 2027.
Implications for capital — Open-ended fund structures in Cyprus must formalise liquidity tools such as redemption gates or swing pricing, shaping how and when investors can exit a vehicle.