Circular C528 (“the Circular”) dated 02/09/2022 wishes to remind all CySEC regulated Variable Capital Investment Companies of the actions to be taken in relation to the amendment of their Constitutional Documents The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to remind all regulated Variable Capital Investment Companies, including: Alternative Investment Fund Managers (‘AIFMs’);UCITS Management...Read More
Circular C526 (“the Circular”) dated 10/08/2022 introduces the Common weaknesses identified during the review of the Recovery Plans (Form 20-01) submitted by CIFs which qualify for the simplified Recovery Plans. The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform the Cyprus Investment Firms[1] (the ‘CIFs’) which fulfil the criteria of par. 4 of...Read More
Circular C518 (“the Circular”) dated 22/06/2022 introduces the Prudential Form 165-03 ‘Prudential Supervision Information’ and Prudential Form 165-04 ‘Application form for prudential permissions’. The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform the Cyprus Investment Firms (the ‘CIFs’) about the introduction of the new Prudential Forms 165-03 and 165-04 and the need for...Read More
Circular C517 (“the Circular”) dated 15/06/2022 regarding EU Council’s Restrictive Measures against Russia due to its military aggression against Ukraine – EU adopts sixth package of sanctions under COUNCIL REGULATION (EU) 2022/879 of 3 June 2022, amending Regulation (EU) No 833/2014. In light of Circulars C489, C501 and C511, CySEC wishes to draw the attention...Read More
Circular C514 (“the Circular”) dated 20/05/2022 regarding CIF’s New Form CA (‘Country Analysis’ Form), for the provision of Investment Services and Activities per country. In light of the section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law (the ‘CySEC Law’), CySEC wishes to inform all Cyprus Investment Firms (the ‘CIFs’) of the...Read More
Circular C513 (“the Circular”) dated 19/05/2022 regarding CIF’s on-going monitoring of their prudential requirements under Regulation (EU) 2019/2033 (Investment Firms Regulation ‘IFR’). In light of the Prudential Supervision of Investment Firms Law of 2021 (the “Law”), CySEC wishes to remind all Cyprus Investment Firms (the ‘CIFs’) of the necessary steps they must take when they...Read More
Circular C507 (“the Circular”) dated 05/05/2022 regarding EBA Guidelines on sound remuneration policies under Directive (EU) 2019/2034 (the “IFD”) In light of the Prudential Supervision of Investment Firms Law of 2021 (the “Law”), CySEC wishes to remind Cyprus Investment Firms (CIFs) that the European Banking Authority (EBA) has published the Guidelines on sound remuneration policies...Read More
We wish to inform you on the latest Circular C488 issued by CySEC on EU Council’s Restrictive Measures and other sanctions against Russia in response to the crisis in Ukraine. With respect to the targeted restrictive measures and/or any other additional Restrictive Measures/Sanctions which may be imposed in the future against Russia in response to...Read More
In light of the ‘New prudential framework for investment firms’ and the ‘The Investment Services Law’, CYSEC has replaced an earlier Circular C228 and redefined the threshold criteria that determine a significant CIF. The key takeaways from the CySEC’s latest circular are outlined below: Limitations on directorships and establishment of nomination/risk/remuneration committees for ‘Significant CIFs’:...Read More
The Cyprus Securities and Exchange Commission (“CySEC”) released on 26.01.2022 a Practical Guide (hereinafter, the “Guide”), aiming to provide guidance to the Cyprus Investment Firms (“CIFs”) on the electronic submission of the Prudential Forms related to the ‘New prudential framework (IFD/IFR)’. CySEC Guide key takeaways: The Prudential Forms should be submitted to CySEC under the...Read More
