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Month: July 2017

Circular C209 (“the Circular”) dated 17.05.17 regarding European Banking Authority “Revised guidelines on disclosure requirements under Part Eight of Regulation (EU) No 575/2013”

Through the Circular, CySEC informs the Regulated Entities that the European Banking Authority (EBA) published on 14.12.16, the final Guidelines (EBA/GL/2016/11) on disclosure requirements under Part Eight of Regulation (EU) No 575/2013 of the EU Parliament and of the Council of 26.06.13 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/201...
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Circular C221 (“the Circular”) dated 05.07.17 regarding new rules set by the Polish Financial Supervision Authority (the “KNF”) regarding persons that are allowed to provide activities in the territory of Poland

Through the Circular, CySEC informs the CIFs which freely provide investment services in accordance with Article 79 of Law 144(I)/2007 as amended (“the Law”), in the territory of Poland, regarding KNF’s new rules that entered into force on 29.04.17, regarding the persons that are allowed to provide such services. Particularly: Pursuant to article 79(2)(a) of the amended Polish Act of 29.07.15 o...
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Circular C222 (“the Circular”) dated 07.07.17 regarding the decision of the Cyprus Macroprudential Authority (“the Central Bank of Cyprus”) concerning Recommendation ESRB/2016/4 of the European Systemic Risk Board with regard to the adoption, via reciprocity, of a macroprudential measure adopted by Estonia

Please note that the Circular applies only to CIFs that: are licensed to perform the investment activity of paragraph 4, Part I of Annex III of the Law (Dealing on Own Account); and/or provide the investment service of paragraph 6, Part I of Annex III of the Law (underwriting and/or placing of financial instruments on a firm commitment basis). Through the Circular, CySEC informs the rel...
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Circular C205 (“the Circular”) dated 27.04.17 regarding Consultation Paper on draft Guidelines to prevent terrorist financing and money laundering in electronic fund transfers – Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – “ESAs”)

Through the Circular, CySEC informs the Regulated Entities that the Joint Committee of the three ESAs, launched on 05.04.17 a public consultation on draft Guidelines that set out: what payment service providers (“PSPs”) should do to detect and prevent the abuse of funds transfers for terrorist financing and money laundering purposes; and particularly what the intermediary PSPs and the PSPs of...
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Circular C211 (“the Circular”) dated 19.05.17 regarding Expansion of CySEC Portal to include CIF Record Content

Through the Circular, CySEC informs the Regulated Entities that a new CIF Record Content has been established in replacement of the existing one that was submitted using XML files via the TRS System. The present Circular replaces the following Cyprus Securities and Exchange Commission (‘the Commission’) circulars that are no longer in effect: CI144-2012-01 30 January 2012 CI144-2012-22 14 Dec...
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Circular C217 (“the Circular”) dated 26.06.17 regarding the use of Affiliates

The definition of Affiliates includes:   those third parties with whom a CIF may often engage across multiple jurisdictions, to promote the brand of the CIF online, use their website as a portal for displaying promotional and advertising content, host marketing material and direct web-traffic to the authorised CIF’s website, increase the online profile of the CIF through search engine op...
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Circular C208 (“the Circular”) dated 17.05.17 regarding BaFin’s General Administrative Act regarding the restriction of marketing, distribution and sale of financial contracts for difference (CFDs) should they have an additional payments obligation, to retail clients in the territory of Germany

Through the Circular, CySEC informs the Regulated Entities that provide investment services relating to financial contracts for difference (CFDs) to Retail Clients, through branch or cross border, in the territory of the German Regulator, the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Regulator’s legislation:   General Administrative Act regarding CFDs dated 08.05.17; ...
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Circular C214 (“the Circular”) dated 31.05.17 regarding Extension of the submission date for Circular C204 – Freedom to provide investment and ancillary services and/or perform investment activities in a third country

Through the Circular, CySEC informs the CIFs that following Circular C204 issued on 04.05.17 and after taking into consideration the requests made by a number of CIFs, the submission deadline for the information requested via Circular C204 is extended to 31.07.17. CySEC’s expects that: All the information requested by CySEC via Paragraph 2 of Circular C204 shall be submitted to CySEC by 31.07.17.
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Circular C219 (“the Circular”) dated 05.07.17 regarding (EBA, EIOPA and ESMA – European Supervisory Authorities (“ESAs”)) Guidelines on anti-ML and countering TF – “The Risk Factors Guidelines”

Through the Circular, CySEC informs the Regulated Entities that the Joint Committee of the three ESAs, published on 26.06.17 its final guidelines on AML and CFT (the “guidelines”). These guidelines: are essential to the European Union's fight against ML/TF, as they set clear, regulatory expectations of the way credit and financial institutions should discharge important AML/CFT obligations and ...
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Circular C210 (“the Circular”) dated 17.05.17 regarding New Requirements of the Spanish Securities and Exchange Commission (“CNMV”) regarding the provision of warnings on complex financial instruments to retail clients resided in Spain

Through the Circular, CySEC informs the Regulated Entities that CIFs that provide investment services relating to Financial Contracts for Difference (CFDs) and rolling-spot foreign exchange (Forex) with a leverage greater than 10:1, or Binary Options to Retail Clients, through branch or cross border, in the territory of the Spanish Regulator, the Comisión Nacional del Mercado de Valores (CNMV). ...
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