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
Through the Circular, CySEC informs the Regulated Entities regarding their legal obligation to identify, maintain and report information to the Cyprus Tax Department, in accordance with the CRS decree 161/2016 (“CRS Decree”), which came into force on 01.01.16. The CRS Decree imposes obligations on Cyprus Financial Institutions to identify, maintain and report information about individuals and entities tax resident in another jurisdiction for whom they...Read More
Through the Circular, CySEC informs the Regulated Entities regarding the a supplementary data collection launched by the EBA on 06.07.17, which is aimed at supporting the response to the EU Commission’s Call for Advice on the new prudential framework for investment firms. This exercise follows up on the first data collection launched on 15.07.16 and the EBA Discussion Paper published on 04.11.16, in which the...Read More
