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Regulatory Developments
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...
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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’:...
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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...
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The Cyprus Securities and Exchange Commission (the “CySEC”) published on the 10th of November 2021, the following Law and Amending Laws (available only in Greek): Law 165(I)/2021 on the prudential supervision of Investment Firms, for the purposes of harmonisation of the Directive (EU) 2019/2034 (“IFD”) and effective implementation of the Regulation (EU) 2019/2033 (“Investment Firms...
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On the 2nd August 2021, the EU Official Journal published several amending measures requiring EU Alternative Investment Fund Managers, EU UCITS management companies and EU MiFID investment firms (including portfolio managers and adviser/arrangers) to integrate sustainability risk management into their policies and procedures. Take-aways for Fund Managers: AIFMs, UCITS management companies and self-managed UCITS will...
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Circular: C464 Scope: Cyprus Investment Firms CySEC released circular C464 on 4th August 2021, providing updates on the implementation of the  new prudential framework for Investment Firms (IFD/IFR). The key takeaways from CySEC’s circular are: A. Testing Submission ALL CIFs are required to fill in the new IFR forms with reference date 30th June 2021...
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Cyprus is regulating Cryptos…. On the 1st March 2021, CySEC issued the Anti-Money Laundering (AML) Amending Law 13(I)/2021 which transposed the 5th EU AML Directive into a national law. One of the amendments brought forward with the new AML Law was the introduction of Crypto Assets Service Providers (CASP) in the Cyprus regulatory framework for...
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Circular C442 (“the Circular”) dated 21.04.2021 regarding updates on the new prudential framework for Investment Firms (IFD/IFR) and CySEC’s Data collection exercise In light of the ‘New prudential framework for investment firms’ and the related circulars (C355 and C426) and Practical Guide previously issued by CySEC, the European Banking Authority (“EBA”) has published its  final ...
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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)....
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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...
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