Circular C517 (“the Circular”) dated 15/06/2022 regarding EU Council’s Restrictive Measures against Russia due to its military aggression against Ukraine – EU adopts sixth package of sanctions under COUNCIL REGULATION (EU) 2022/879 of 3 June 2022, amending Regulation (EU) No 833/2014.
In light of Circulars C489, C501 and C511, CySEC wishes to draw the attention of the Regulated Entities[1]to the additional restrictive measures of the Council of the European Union (‘EU Council’), dated 3 June 2022, imposed against Russia due to its military aggression against Ukraine.
The key takeaway from CySEC’s C517 circular can be found below:
- Amendments and additions were made to COUNCIL REGULATION EU) 2022/879 of 3 June 2022, amending Regulation (EU) No 833/2014 concerning the Article 5m (amended), Article 3m (new) & Article 5n (new).
Considering these amendments/additions to COUNCIL REGULATION EU) 2022/879, all Regulated Entities that are affected by the said restrictive measures are expected to inform CySEC by Tuesday, 21 June 2022, at the latest, regarding the appropriate actions/measures taken or intended to be taken by the Regulated Entity for compliance with Articles 5m, 5n and 3m, if applicable.
It is reminded that the obligation of the Regulated Entities to report to CySEC the existence of business relationships with persons or entities subject to the EU Council’s Restrictive Measures against Russia due to its military aggression against Ukraine, constitutes a continuous obligation and requires compliance for both existing EU Council’s Restrictive Measures, and those which may be imposed in the future against Russia for its military aggression against Ukraine.
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[1] CIFs, ASPs, UCITS Management Companies, Internally Managed UCITS, AIFMs, Internally managed AIFs, Internally managed AIFLNPs, Companies with sole purpose the management of AIFLNPs, Crypto Asset Service Providers, Small AIFMs under Law 81(I)/2020.