Category

Regulatory Developments
Through the Circular, CySEC informs the Regulated Entities that following Circular C168 regarding the updated version of ESMA’s Q&A document for the provision of CFDs and other speculative products to Retail clients under MiFID, CySEC would like to provide additional guidance on the types of bonus incentives not permissible to be offered to Retail clients...
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Through the Circular, CySEC reminds  the Regulated Entities of a well-known principle that “ignorance of the Law is no defence”. As per Section 68(c) of Law 188(I)/2007, the provision of false or misleading evidence or information and false or forged identification documents of customers or ultimate beneficial owners, is a criminal offence. Particularly, as per...
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We would like to draw your attention to CySEC’s Circular C189 (“the Circular”) dated 22.02.17. Through the Circular, CySEC informs the Regulated Entities that, in carrying out a risk-based assessment of the AMLCOs’ Annual Reports and the Internal Auditors’ Annual Reports on the Prevention of Money Laundering and Terrorist Financing for the year 2015 and...
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We would like to draw your attention to CySEC’s Circular C191 (“the Circular”) dated 01.03.17, regarding the Regulated Entities’ compliance with reporting and other obligations, through which CySEC informs the Regulated Entities that: 1.From the date of authorisation and / or taking up duties (where this is applicable, e.g. for companies with sole purpose the management of AIFLNPs), and not from the...
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We would like to draw your attention to CySEC’s Circular C192 (“the Circular”) dated 03.03.17, regarding the freedom to provide investment and ancillary services and / or perform investment activities in a third country. Cyprus Investment Firms (CIFs) may provide / perform investment services / activities in the territories of third countries only when they...
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We would like to draw your attention to CySEC Announcement dated 20.02.17 regarding the Amending Directive R.A.D 22/2017 to Directive R.A.D. 174/2015, which is now published as a Consolidated Directive 2017 (“the Directive”). The purpose of the Amending Directive R.A.D. 22/2017 is: Any deleted from the Public Register person, due to failure to renew its...
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We would like to draw your attention to Circular C181 (“the Circular”) issued by the Cyprus Securities and Exchange Commission (“CySEC”) on 2 February 2017, regarding the obligations of CIFs when providing information to clients on the services and instruments offered. In consideration of ESMA’s publication of the paper ESMA/2015/1886 – Guidelines for the assessment of knowledge and competence (“the Guidelines“)...
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We would like to draw your attention to Circular C162 issued by the Cyprus Securities and Exchange Commission (“CySEC”) on 10 October 2016 regarding the “Capital adequacy requirements – Change in the treatment of the Investors Compensation Fund Contribution’’. CySEC wishes to inform the Cyprus Investment Firms (“CIFs”) regarding the following: According to the Investment Services and...
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We would like to draw your attention to Consultation Paper CP (2016-10) (hereafter “the Consultation Paper”) issued by the Cyprus Securities and Exchange Commission (“CySEC”) on 27 October 2016 regarding a proposed Circular on the requirements for the safeguarding of clients’ funds. The Consultation Paper will be addressed to all Cyprus Investment Firms (hereafter the...
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    We would like to bring your attention to the proposed amendments to the AIF Law and the AIFM Law set out in the Consultation Paper CP(2016-03) circulated by the Cyprus Securities and Exchange Commission on the 22nd of April 2016. 1.Introduction of a new AIF type: Registered Alternative Investment Funds Registered AIFs may...
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