Regulatory Developments

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 the obligation to report arrangements to the tax authorities in...
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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 crypto assets, as well as, how the risk management procedures...
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Subject: EBA Roadmap on Investment Firms regarding the implementation of the NEW Investment Firms Regulation (IFR) and Investment Firms Directive (IFD) entering into force from June 2021. Background Information on the NEW IFR/IFD Prudential Framework The EU’s new IFR/IFD framework[1] entered into force in December 2019 and will be applicable for all EU Investment Firms from June 26, 2021. The EU’s new IFR/IFD framework reshapes...
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 Date: 5th August 2020 The United Kingdom (“UK”) formally left the European Union (“EU”) on the 1st of February 2020. Currently, a transition period is in place until the 31st of December 2020, during which all EU rules and laws will continue to apply to the UK. The UK and the EU are negotiating their new relationship on the terms on which companies in the...
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Brexit: Implications for Asset Managers Date: 30th July 2020 The United Kingdom (“UK”) as of the 1st February 2020, has officially withdrawn from the European Union (“EU”). Currently, EU Law still applies in its entirety to the UK. However, by the end of the year 2020 (the “transition period”) the EU and the UK shall negotiate and reach an agreement for a new partnership. After...
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