Through the Circular, CySEC informs the Regulated Entities that: According to Section 6(5) of the 4th EU Anti-Money Laundering Directive 2015/849, the three European Supervisory Authorities (the “ESAs”) namely EBA, EIOPA and ESMA, are mandated to prepare every two (2) years, a joint Opinion on the risks of money laundering (the “ML”) and terrorist financing (the “TF”) affecting the EU financial sector. The ESAs published on...Read More
Through the Circular, CySEC informs the Regulated Entities that following Circular C168 regarding the updated version of ESMA’s Q&A document for the provision of CFDs and other speculative products to Retail clients under MiFID, CySEC would like to provide additional guidance on the types of bonus incentives not permissible to be offered to Retail clients by CIFs. Particularly: Via Section 3(i)(a) of Circular C168 –...Read More
Through the Circular, CySEC reminds the Regulated Entities of a well-known principle that “ignorance of the Law is no defence”. As per Section 68(c) of Law 188(I)/2007, the provision of false or misleading evidence or information and false or forged identification documents of customers or ultimate beneficial owners, is a criminal offence. Particularly, as per Section 68(c) that was added in Law 188(I)/2007 via amending...Read More
We would like to draw your attention to CySEC’s Circular C189 (“the Circular”) dated 22.02.17. Through the Circular, CySEC informs the Regulated Entities that, in carrying out a risk-based assessment of the AMLCOs’ Annual Reports and the Internal Auditors’ Annual Reports on the Prevention of Money Laundering and Terrorist Financing for the year 2015 and the relevant minutes of the Board of Directors that were...Read More
We would like to draw your attention to CySEC’s Circular C191 (“the Circular”) dated 01.03.17, regarding the Regulated Entities’ compliance with reporting and other obligations, through which CySEC informs the Regulated Entities that: 1.From the date of authorisation and / or taking up duties (where this is applicable, e.g. for companies with sole purpose the management of AIFLNPs), and not from the date that the Regulated Entities become operational, they are: subject...Read More
