Regulatory Developments

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). The Ministry of Energy, Trade and Industry welcomes such vote...
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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 regime (comprising of the IFR and IFD), under which the...
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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 September 2021 the relevant authorities request financial institutions under their...
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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 public statement refers to certain inappropriate, common practices followed by...
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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 the obligation to report arrangements to the tax authorities in...
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