Through the Circular, CySEC wishes to inform the Regulated Entities that, it has adopted the joint Guidelines on the assessment of the suitability of the members of the management body and key function holders, issued by the European Securities and Markets Authority (“ESMA”) and the European Banking Authority (“EBA”). The Guidelines specify: the requirements regarding the suitability of members of the management body of credit...Read More
Through the Circular and following Circular C219, CySEC wishes to remind the Regulated Entities of the Risk Factors Guidelines issued by the Joint Committee of the European Supervisory Authorities (“ESAs”), regarding simplified and enhanced customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions. Particularly: Regulated...Read More
Through the Circular, CySEC introduces amending Law No. 13(I)/2018 which amends Article 5A of the Law, and provides for the following: “It is forbidden to persons that are trading in goods such as precious stones or metals, motor vehicles, works of art and / or antiques, in the context of their business activities to receive payment in cash in an amount equal to or exceeding...Read More
Through the Circular, CySEC wishes to inform the Regulated Entities about the following: The FATF Guidance focuses on risk-based approach (“RBA”) for the securities sector, it takes into account the experience gained by the public authorities and the private sector over the years and includes an annex on suspicious activity indicators in relation to securities. The purpose of FATF Guidance is to outline the key...Read More
Further to Circular C210 dated 17.05.17, CySEC informs Cypriot Investment Firms (“CIFs”) regarding the abovementioned subject with particular emphasis to the below: CIFs must include relevant warnings as advised in Circulars C210 and C248, on the homepage of their website and not relegate any warning to other part of their website with less direct access. The language in which the warnings are written, for those...Read More
