Relevant to: Cyprus Investment Firms(“CIFs”) Circular C546 (“the Circular”) dated 25/01/2023 introduces the prudential reporting of CIFs through CySEC’s XBRL Portal Through Circular C546, CySEC wishes to inform the Cyprus Investment Firms (the ‘CIFs’) about the prudential reporting[1] through CySEC’s XBRL Portal. The key takeaways from CySEC’s C546 circular can be found below: CySEC has...Read More
Circular C538 (“the Circular”) dated 13/12/2022 provides further guidance on actions to be taken in relation to the requirement to raise capital from investors within a specified time period Through Circular C538, CySEC wishes to remind AIMFs of Circular C321, issued on June 2019, regarding the raising of capital from investors within a specified time...Read More
Circular C539 (“the Circular”) dated 08/12/2022 New Form CBRT-CIF, Freedom to Provide Investment Services and Activities (Cross Border Activity) – Further clarifications and information requested. Following the issue of Circular C537 and the new reporting obligation of Form CBRT-CIF (the “Form”), CySEC has also issued Circular C539 providing additional clarifications on the Form. Circular C537...Read More
Circular C537 (“the Circular”) dated 30/11/2022 introduces the New Form CBRT-CIF, Freedom to Provide Investment Services and Activities (Cross Border Activity) CySEC has released a new reporting obligation for CIFs, Form CBRT-CIF (‘the Form’), for the collection of data regarding the CIFs’ cross border provision of services to their retail clients (and clients treated as...Read More
Circular C534 (“the Circular”) dated 29/11/2022 replaces Circular 256 in relation to the provision of investment and ancillary services and/or performance of investment activities in third countries Through Circular C534, CySEC wishes to inform the Cyprus Investment Firms (‘CIFs’) of its decision to replace Circular C256, regarding the provision of investment and ancillary services and/or...Read More
On the 24th of November 2022, the association of Annual Financial Market Forum (AFMF) held the 1st annual forum at Amara hotel where a member of the MNK Risk Consulting Compliance team participated in the discussion panel.Read More
Two of the leading US investment houses, Goldman Sachs and Morgan Stanley, have slightly different views on Europe regarding the recession, interest rates and inflation. More specifically, for the European region, Goldman Sachs expects a moderate recession as early as the second half of this year, due to the ongoing significant disruptions in gas supply...Read More
ECB’s Christine Lagarde, announced on September 8th, 2022 the largest historical increase in interest rates in the euro area by 75 basis points, and the intention of the supervisory authority to proceed with a new increase in interest rates, during the immediately following meetings of its Board of Directors. One of the coming ECB meetings...Read More
Credit rating agency S&P has revised upwards its long-term issuer credit rating on the Bank of Cyprus-BoC to ‘BB-‘from ‘B+’, as a result of improvements in the bank’s asset quality and a reduction in credit risk, allowing the bank to face a harsher economic climate with more resilience. The BoC credit rating upgrade follows last...Read More
