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Month: August 2017

Circular C224 (“the Circular”) dated 14.07.17 regarding Automatic Exchange of Financial Account Information under the Common Reporting Standard Regime (“CRS”) developed by the Organisation for Economic Co-Operation & Development (“OECD”)

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 e...
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Circular C225 (“the Circular”) dated 18.07.17 regarding the supplementary data collection exercise by the European Banking Authority (“EBA”) to support the new prudential framework for investment firms

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,...
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Circular C226 (“the Circular”) dated 18.07.17 regarding France’s national legislation regarding the prohibition of electronic advertising to Retail Investors when offering speculative, complex and risky products in the territory of France – AMF’s position in the form of Q&As

Through the Circular, CySEC follows-up on Circular C202 published on 12.04.17 and hereby draws the attention of the Cyprus Investment Firms (“the CIFs”) which provide investment services to Retail Clients, relating to: financial Contracts for Difference (CFDs); and other complex and speculative products (i.e. Binary Options and Foreign Exchange Contracts); through a branch or cross border, i...
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Circular C228 (“the Circular”) dated 26.07.17 regarding redefining threshold criteria of “significant CIF”

Through the Circular, CySEC informs the Cypriot Investment Firms (“CIFs”) that Circular C081 issued on 28.07.15 regarding the threshold criteria of “significant CIF”, is repealed and replaced with the present Circular. Through the present Circular, CySEC redefines the thresholds that a CIF can use to objectively determine whether it is a “significant CIF” and the frequency of such assessment, in o...
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Circular C230 (“the Circular”) dated 01.08.17 regarding ESMA Guidelines on the calibration of circuit breakers and publication of trading halts under MiFID II

Through the Circular, CySEC informs the Cypriot Investment Firms (“CIFs”) and the Regulated Markets – Market Operators that the European Securities and Markets Authority (“ESMA”) published on, 27.07.17, Guidelines (the “Guidelines”), with ref. no. ESMA70-872942901-63, on the calibration of circuit breakers and publication of trading halts under MiFID II - Directive 2014/65/EU (the “Directive”). T...
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Circular C231 (“the Circular”) dated 01.08.17 regarding Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector

Through the Circular, CySEC informs the Cypriot Investment Firms (“CIFs”) that the European Banking Authority (the “EBA”), the European Insurance and Occupational Pensions Authority (the “EIOPA”) and the European Securities and Markets Authority (the “ESMA” and, together with EBA and EIOPA collectively referred to as the “ESAs”) published on 20.12.16 the Joint Guidelines (the “Guidelines”), with r...
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Circular C232 (“the Circular”) dated 01.08.17 regarding the Capital instruments that can be qualified as Common Equity Tier 1

Through the Circular, CySEC provides the Cypriot Investment Firms (“CIFs”) with clarifications regarding the capital instruments that can be qualified as Common Equity Tier I (“CET 1”). Particularly: According to Article 28(1)(b) of Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms (“the CRR”), capital instruments shall qualify as CET 1 instrum...
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