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Month: May 2017

Circular C204 (“the Circular”) dated 04.05.17 regarding the freedom to provide investment and ancillary services and / or perform investment activities in a third country

We would like to draw your attention to Circular C204, that was issued by CySEC on 04.05.17, regarding the regarding the freedom to provide investment and ancillary services and / or perform investment activities in a third country. The Circular was issued in continuance to the provisions of Circular C192. CySEC, in the context of its supervisory powers, requests from CIFs the following: To as...
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Circular C202 (“the Circular”) dated 12.04.17 regarding France’s national legislation on the prohibition of electronic advertising to Retail clients when offering speculative, complex and risky products in the territory of France

Through the Circular, CySEC aims to inform the Regulated Entities that provide investment services relating to financial contracts for difference (CFDs) and other complex and speculative products such as Binary Options and Foreign Exchange Contracts to Retail clients, through branch or cross border, in the territory of France. CySEC draws the attention to the new Article L.533-12-7 of the French L...
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Circular C201 (“the Circular”) dated 12.04.17 regarding possible impact of the UK’s exit from the EU on the activities and services of CIFs

Through the Circular, CySEC informs the Regulated Entities that further to Circulars C130, C140 and C141, CIFs shall be expected to report to CySEC on the likely implications that Brexit will have on their activities and services, including any suggestions for adopting immediate measures to eliminate their respective impact. CySEC’s expects that: CIFs look at their business model structure, servi...
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Circular C199 (“the Circular”) dated 06.04.17 regarding ESMA’s Q&A document for the provision of CFDs and other speculative products to Retail clients under MiFID

Through the Circular, CySEC informs the Regulated Entities that ESMA published on 31st March 2017 an updated version of its questions and answers document (the “Q&A”) on the application of the Markets in Financial Instruments Directive (MiFID) to the marketing and sale of financial contracts for difference (CFDs) and other speculative products to Retail clients (such as binary options and roll...
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Circular C198 (“the Circular”) dated 11.04.17 regarding changes in the Complaints submission Form “ΧΧ_yyyymmdd_T144-002-01”

Through the Circular, CySEC informs the Regulated Entities that following Circular C100, they have to submit within five (5) days from the end of each calendar - reporting month, the Complaints Registry – Form “ΧΧ_yyyymmdd_T144-002-01”, in order to inform regarding the complaints received during the reporting month and how these are being handled. The said Form shall additionally include: A rel...
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Circular C197 (“the Circular”) dated 31.03.17 regarding ESAs Joint Opinion on the risks of money laundering and terrorist financing affecting the EU financial sector

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 fina...
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Circular C194 (“the Circular”) dated 16.03.17 regarding offering bonuses to Retail clients

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 ...
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Circular C196 (“the Circular”) dated 31.03.17 regarding Section 68(c) of Law 188(I)/2007

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...
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Circular C189 – CySEC’s findings from risk-based assessment of the AMLCOs’ and the Internal Auditors’ Annual Reports on the Prevention of ML and TF

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 Directo...
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