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

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