Details Webinar’s Overview: IFRS 9 accounting standard “Financial Instruments” was developed by the International Accounting Standards Board. The standard incorporates the requirements of all three phases of the financial instruments projects, being: Classification and Measurement; Impairment; and Hedge Accounting. In EU IFRS 9 standard was adopted by Commission Regulation (EU) 2016/2067 of 22 November 2016....Read More
Cyprus Investment Funds can now be uploaded onto the Bloomberg terminal. Access of Cyprus funds to the Bloomberg terminal will provide more visibility and transparency for International Investors regarding the Cypriot funds. Should Local or International Investors be interested in getting an exposure to certain securities, they will be able to screen for the Cyprus...Read More
The Legal framework for the prevention and suppression of money laundering is strengthened by the creation of the Ultimate Beneficial Owners’ (UBOs) Register.On the 18th February 2021 the Cyprus Parliament voted in favour of the enactment of the Prevention and Suppression of Money Laundering Activities (Amending) Law of 2021 (the Amending AML Law of 2021)....Read More
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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
