Regulatory Developments
CySEC wishes to inform Market Operators and DRSPs that, the ESMA Guidelines on the management body of Market Operators and DRSPs have been adopted by CySEC. These guidelines clarify the requirements applicable to members of the management bodies of: National Competent Authorities; Market Operators; and DRSPs. CySEC’s expects that: Market Operators and DRSPs comply with...
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Although CySEC has observed significant improvement in the internal procedures and measures applied by Regulated Entities to prevent ML and TF, in compliance with the AML Law and AML Directive, CySEC has also identified common and recurring weaknesses and/or deficiencies in Regulated Entities’ compliance with the AML Law and AML Directive, in the following areas:...
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Through the Circular, CySEC wishes to herein to draw the attention of the Regulated Entities which provide investment services in accordance with Articles 30, 35 and 36 of Law 87(I)/2017 (“the Law”), in the territory of UK, the following: UK Government announced that, if necessary it will legislate to provide a temporary permission scheme for...
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Through the Circular, CySEC wishes herein to draw the attention of the Regulated Entities to the update of the Specially Designated Nationals List (“SDN List”) issued by the Department of the US Treasury’s Office of Foreign Assets Control (“OFAC”) on 06.04.18 relevant press release is accessible here. According to the Countering America’s Adversaries Through Sanctions...
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Through the Circular, CySEC wishes to clarify that, the “date of authorisation” referred to in Paragraph 2 of Circular 191, is: the date on which a CySEC Regulated Entity is informed of its license number; and the relevant information of the Regulated Entity is posted on CySEC’s website, under the section “Regulated Entities”. CySEC’s expects...
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Through the Circular, CySEC wishes to inform the Regulated Entities that, it has adopted the joint Guidelines on the assessment of the suitability of the members of the management body and key function holders, issued by the European Securities and Markets Authority (“ESMA”) and the European Banking Authority (“EBA”). The Guidelines specify: the requirements regarding...
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Through the Circular and following Circular C219, CySEC wishes to remind the Regulated Entities of the Risk Factors Guidelines issued by the Joint Committee of the European Supervisory Authorities (“ESAs”), regarding simplified and enhanced customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk...
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Through the Circular, CySEC introduces amending Law No. 13(I)/2018 which amends Article 5A of the Law, and provides for the following: “It is forbidden to persons that are trading in goods such as precious stones or metals, motor vehicles, works of art and / or antiques, in the context of their business activities to receive...
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Through the Circular, CySEC wishes to inform the Regulated Entities about the following: The FATF Guidance focuses on risk-based approach (“RBA”) for the securities sector, it takes into account the experience gained by the public authorities and the private sector over the years and includes an annex on suspicious activity indicators in relation to securities....
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Further to Circular C210 dated 17.05.17, CySEC informs Cypriot Investment Firms (“CIFs”) regarding the abovementioned subject with particular emphasis to the below: CIFs must include relevant warnings as advised in Circulars C210 and C248, on the homepage of their website and not relegate any warning to other part of their website with less direct access....
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