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 the crisis in Ukraine, all Regulated Entities are required 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’: Members of Significant CIFs shall not hold more than one...
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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 following conditions:Normal Reporting (see section A below)Reporting based on audited...
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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 Regulation”, “IFR”);Amending Law 164 (I)/2021, which amends the Capital Adequacy...
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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 need to update their risk management policies to include procedures...
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