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The Cyprus Securities and Exchange Commission (the “CySEC”) issued Circular C426 on the 2nd of February 2021 with updates regarding the Investment Firms Regulation (EU) 2019/2033 (‘IFR’) and Investment Firms Directive (EU) 2019/2034 (‘IFD’), which will enter into force on 26th June 2021. All Cyprus Investment Firms (‘CIFs’) will be subject to this new prudential...
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The Cyprus Securities and Exchange Commission (“CySEC”) issued Circular C425 on the 2nd of February 2021 informing Cyprus Investment Firms (‘CIFs’) that the ESRB issued on 18 December 2020 the Recommendation ESRB/2020/15 on the restriction of distributions during the COVID-19 pandemic (amending Recommendation ESRB/2020/07). More specifically the ESRB recommends that at least until the 30th...
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The Cyprus Securities and Exchange Commission (the “CySEC”) issued a circular on the 21st of January 2021 to draw the attention of Cyprus Investment Firms (the “CIFs”) to the CNMV’s public statement addressing certain bad practices in cross-border marketing of investment services by Investment Firms located in other EU countries (the “IFs”). In particular, the...
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The Council Directive 2018/822/EU of 25 May 2018 (“DAC6” or the “Directive”) on mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements, imposes mandatory disclosure requirements for certain arrangements with an EU cross-border element where the arrangements fall within certain “hallmarks”. In accordance with the DAC6, intermediaries have...
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RE:         CySEC Circular C417 Scope: Cyprus Investment Firms The Cyprus Securities and Exchange Commission (the ‘CySEC’) on the 25th of November 2020 provided guidance to Cyprus Investment Firms (‘CIFs’) on issues relating to crypto assets through circular C417 (the “Circular”). The Circular addresses the prudential treatment of crypto assets and financial instruments relating to...
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Date:                     27 November 2020 Circular:               CySEC CIRCULAR: C418 Scope:                  Cyprus Investment Firms CySEC released a new circular in regards to enhancing the procedures regarding safeguarding of client funds held by CIFs. The procedures are outlined below. Α. Regulatory framework According to section 17 (9) of the Investment Services and Activities and Regulated Markets Law of 2017 Law...
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Subject: EBA Roadmap on Investment Firms regarding the implementation of the NEW Investment Firms Regulation (IFR) and Investment Firms Directive (IFD) entering into force from June 2021. Background Information on the NEW IFR/IFD Prudential Framework The EU’s new IFR/IFD framework[1] entered into force in December 2019 and will be applicable for all EU Investment Firms...
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 Date: 5th August 2020 The United Kingdom (“UK”) formally left the European Union (“EU”) on the 1st of February 2020. Currently, a transition period is in place until the 31st of December 2020, during which all EU rules and laws will continue to apply to the UK. The UK and the EU are negotiating their...
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Brexit: Implications for Asset Managers Date: 30th July 2020 The United Kingdom (“UK”) as of the 1st February 2020, has officially withdrawn from the European Union (“EU”). Currently, EU Law still applies in its entirety to the UK. However, by the end of the year 2020 (the “transition period”) the EU and the UK shall...
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Professional Training Certification, 3rd July 2020 MNK RISK CONSULTING LTD has been certified by the Cyprus Human Resources Development Authority (ANAD) as a Vocational Training Center (no. K000781). Our Company offers ANAD-subsidised continuous professional development courses to bankers, asset managers, portfolio managers, brokers, dealers, compliance and AML officers, risk managers and other professionals in the...
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