Category

Regulatory Developments
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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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...
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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...
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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...
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