Regulatory Developments

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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Circular: C464 Scope: Cyprus Investment Firms CySEC released circular C464 on 4th August 2021, providing updates on the implementation of the  new prudential framework for Investment Firms (IFD/IFR). The key takeaways from CySEC’s circular are: A. Testing Submission ALL CIFs are required to fill in the new IFR forms with reference date 30th June 2021 on a solo basis only and submit to CySEC between...
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Cyprus is regulating Cryptos…. On the 1st March 2021, CySEC issued the Anti-Money Laundering (AML) Amending Law 13(I)/2021 which transposed the 5th EU AML Directive into a national law. One of the amendments brought forward with the new AML Law was the introduction of Crypto Assets Service Providers (CASP) in the Cyprus regulatory framework for the first time. Directive 269/2021 issued by CySEC on the...
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Circular C442 (“the Circular”) dated 21.04.2021 regarding updates on the new prudential framework for Investment Firms (IFD/IFR) and CySEC’s Data collection exercise In light of the ‘New prudential framework for investment firms’ and the related circulars (C355 and C426) and Practical Guide previously issued by CySEC, the European Banking Authority (“EBA”) has published its  final  draft  Implementing  Technical  Standards (ITS) including the NEW supervisory reporting...
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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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