Through the Circular, CySEC informs CIFs, UCITS MC, AIFMs (“the Reporting Entities”) on their obligations regarding product governance requirements, as provided in Law 87(I)/2017 (“the Law”) which transposes MiFID II, and in other documents issued pursuant to this. These requirements will enter into force on 03.01.18 aiming to: enhance the level of investor protection, through avoidance and reduction of potential risks from failure of investor...Read More
Through the Circular, CySEC informs the Reporting Entities [Market Operators operating a Regulated Market (“RM”) or a Multilateral Trading Facility (“MTF”) or an Organised Trading Facility (“OTF”), or Cypriot Investment Firms (“CIFs”) operating an MTF or OTF, or CIFs acting as Systematic Internalisers (“Sis”)] regarding the new requirements for identifying reference data relating to financial instruments, as provided in Article 27 of markets in financial...Read More
Through the Circular, CySEC informs the Cypriot Investment Firms (“CIFs”) regarding their obligations emanating under Articles 35 and 36 of Law 87(I)/2017 (“the Law”), which transposes Directive 2014/65/EU (“MiFID II”) into Cyprus national legislation and which will enter into force from 03.01.18 onwards, in relation to Passporting Issues and the establishment of a Branch. The obligations emanating from the abovementioned Articles are further elaborated in...Read More
Summary of ESMA Guidelines on MiFID II product governance requirements (CySEC Circular C261 – 30.03.2018) Through Circular C261, the Cyprus Securities and Exchange Commission (“CySEC”) wishes to inform CIFs that the ESMA Guidelines on MiFID II product governance requirements have been adopted by CySEC and therefore they should make every effort to comply with these Guidelines. The ESMA Guidelines provide more clarity on the product...Read More
The Cyprus Securities and Exchange Commission (“CySEC”) issued on 28th March 2018 an Announcement drawing the attention of the Cyprus Investment Firms (“CIFs”) to the ESMA Press Release in relation to the product intervention measures on Contracts For Differences (CFDs) and Binary Options, issued by the European Securities and Markets Authority (“ESMA”) on 27 March 2018. The measures essentially: prohibit the marketing, distribution or sale...Read More
