In the light of the recent corona virus spread developments, MNK RISK CONSULTING Ltd would like to assure you that we are taking all necessary measures to ensure business continuity and the timely submission of your regulatory deliverables. Your regulatory compliance is our priority. We offer uninterrupted service through video conference meetings and conf calls,...Read More

Cyprus Securities and Exchange Commission (CySEC) issued on the 5th March 2020 the Quarterly Statistical Publication for Management Companies and Undertakings of Collective Investments (UCIs) which provides CySEC’s key findings regarding the Collective Investments Sector in Cyprus. Based on the statistics, the total Assets under Management (AuM) for the 4th quarter of 2019 amounted to...Read More

ESMA objective: To promote consistency and increase the frequency of current LST practices while also enhancing the existing LST standards. When: On the 30th September 2020 the new ESMA’s Liquidity Stress Testing Guidelines (“the Guidelines”) will take effect. Competent authorities shall be incorporating these Guidelines into their national legal and supervisory frameworks as appropriate. To...Read More

A Limassol-based fintech startup, eCredo, plans to revolutionise e-payments with quick and low-cost transfers, as high street banks continue to charge high rates, frustrating customers who are seeking alternative ways to do business. “E-payment is the electronic means of making payments in what is still a developing sector of the economy,” said a senior eCredo...Read More

CySEC Announcement dated 17th December 2019 on the “ AML Compliance Officers’ ” Examinations The Cyprus Securities and Exchange Commission (CySEC) would like to inform all the interested parties that it will initiate the conduct of the examinations for the certification of the Anti-Money Laundering Compliance Officers (AMLCOs) in February 2020. The said examinations are...Read More

The Cyprus Securities and Exchange Commission (‘CySEC’) has issued a Directive for the imposition of national measures to restrict the marketing, distribution and sale of contracts for difference (‘CFDs’). The Cyprus National Product Intervention Measures (‘CyNPIMs’) include: Restricting leverage limits from 30:1 to 2:1 on the opening of a position by a retail client; The...Read More

CySEC wishes to inform Regulated Entities of the recent amendments made regarding EMIR. The following are the main changes: Definition of Financial Counterparty (‘FC’) The EMIR Refit expands the definition of an FC to include the following entities perceived to pose important systemic risk to the financial system: Every AIF established in the EU, or...Read More

  Circular C343 dated 25.10.2019 regarding the thematic review of best execution obligations of Cyprus Investment Firms (CIFs) CySEC carried out a review of the Best Execution arrangements put in place by CIFs to ensure compliance with the provisions of Article 28 of the Investment Services and Activities and Regulated Markets Law (“the Law”). Circular...Read More

Appointment of Depositary for AIFs Relevant to: Alternative Investment Funds (“AIFs”) Alternative Investment Funds with Limited Number of Persons (“AIFLNP”); Registered Alternative Investment Funds (“RAIFs”). The Cyprus Investment Funds Association (“CIFA”) has prepared an updated Summary outlining the requirements for the appointment of a Depositary to the different types of AIFs under the new Alternative...Read More

Further to Circular C242 and the CSDR, CySEC wishes to inform CIFs on the requirements for internalised settlement reporting. Settlement Internalisers should report to CySEC on a quarterly basis the aggregated volume and value of all securities transactions that they settle outside securities settlement systems. Entities responsible for reporting: According to paragraph 14 of the...Read More