Circular C507 (“the Circular”) dated 05/05/2022 regarding EBA Guidelines on sound remuneration policies under Directive (EU) 2019/2034 (the “IFD”) In light of the Prudential Supervision of Investment Firms Law of 2021 (the “Law”), CySEC wishes to remind Cyprus Investment Firms (CIFs) that the European Banking Authority (EBA) has published the Guidelines on sound remuneration policies (the “Remuneration Policy Guidelines”) under Directive (EU) 2019/2034 (the “IFD”)....Read More
We wish to inform you on the latest Circular C488 issued by CySEC on EU Council’s Restrictive Measures and other sanctions against Russia in response to the crisis in Ukraine. With respect to the targeted restrictive measures and/or any other additional Restrictive Measures/Sanctions which may be imposed in the future against Russia in response to the crisis in Ukraine, all Regulated Entities are required to...Read More
In light of the ‘New prudential framework for investment firms’ and the ‘The Investment Services Law’, CYSEC has replaced an earlier Circular C228 and redefined the threshold criteria that determine a significant CIF. The key takeaways from the CySEC’s latest circular are outlined below: Limitations on directorships and establishment of nomination/risk/remuneration committees for ‘Significant CIFs’: Members of Significant CIFs shall not hold more than one...Read More
The Cyprus Securities and Exchange Commission (“CySEC”) released on 26.01.2022 a Practical Guide (hereinafter, the “Guide”), aiming to provide guidance to the Cyprus Investment Firms (“CIFs”) on the electronic submission of the Prudential Forms related to the ‘New prudential framework (IFD/IFR)’. CySEC Guide key takeaways: The Prudential Forms should be submitted to CySEC under the following conditions:Normal Reporting (see section A below)Reporting based on audited...Read More
The Cyprus Securities and Exchange Commission (the “CySEC”) published on the 10th of November 2021, the following Law and Amending Laws (available only in Greek): Law 165(I)/2021 on the prudential supervision of Investment Firms, for the purposes of harmonisation of the Directive (EU) 2019/2034 (“IFD”) and effective implementation of the Regulation (EU) 2019/2033 (“Investment Firms Regulation”, “IFR”);Amending Law 164 (I)/2021, which amends the Capital Adequacy...Read More
