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Year: 2019

Circular C336 (“the Circular”) dated 20.08.2019 regarding amendments to Regulation (EU) 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories (‘EMIR’)

CySEC wishes to inform Regulated Entities of the recent amendments made regarding EMIR.The following are the main changes:Definition of Financial Counterparty (‘FC’)The EMIR Refit expands the definition of an FC to include the following entities perceived to pose important systemic risk to the financial system:Every AIF established in the EU, or managed by an AIFM authorised or...
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Circular C343 dated 25.10.2019

 Circular C343 dated 25.10.2019 regarding the thematic review of best execution obligations of Cyprus Investment Firms (CIFs)CySEC carried out a review of the Best Execution arrangements put in place by CIFs to ensure compliance with the provisions of Article 28 of the Investment Services and Activities and Regulated Markets Law (“the Law”).Circular C343 sets out CySEC’s observati...
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Requirements for the appointment of Depositary for AIFs (updated)

 Appointment of Depositary for AIFsRelevant to:Alternative Investment Funds (“AIFs”) Alternative Investment Funds with Limited Number of Persons (“AIFLNP”); Registered Alternative Investment Funds (“RAIFs”).The Cyprus Investment Funds Association (“CIFA”) has prepared an updated Summary outlining the requirements for the appointment of a Depositary to the different ty...
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Circular C335 (“the Circular”) dated 20.08.2019 regarding Internalised settlement reporting requirements

Further to Circular C242 and the CSDR, CySEC wishes to inform CIFs on the requirements for internalised settlement reporting.Settlement Internalisers should report to CySEC on a quarterly basis the aggregated volume and value of all securities transactions that they settle outside securities settlement systems.Entities responsible for reporting:According to paragraph 14 of the Guidelin...
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IBM has approved MNK RISK CONSULTING LTD as a QUALIFIED IBM SUPPLIER

Following the successful conclusion of a rigorous approval process covering matters that relate to KYC, Compliance and Ethics Standards, IBM Global Business Services, the largest consulting services organization in the world, has approved MNK RISK CONSULTING LTD as a QUALIFIED IBM SUPPLIER. Past and current client engagements include large-scaled consulting projects with central banks and internat...
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CySEC issued Circular C334 (“the Circular”) dated 07.08.19

CySEC issued Circular C334 (“the Circular”) dated 07.08.19 requiring from all CIFs to keep in a separate EU Bank account an additional cash buffer in case there is a need for an extraordinary contribution to the Investors Compensation Fund (“ICF”).In particular:The minimum additional cash buffer amount is set at 0.3% of the eligible funds and financial instruments of a CIF’s clients as a...
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Appointment of Depositary for AIFs

17 July 2019Appointment of Depositary for AIFsRelevant to:Alternative Investment Funds (“AIFs”) Alternative Investment Funds with Limited Number of Persons (“AIFLNP”); Registered Alternative Investment Funds (“RAIFs”).The Cyprus Investment Funds Association (“CIFA”) has prepared a Summary outlining the requirements for the appointment of a Depositary to the different types...
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Circular C325 (“the Circular”) dated 05.07.19 regarding the Risk Based Supervision Framework (‘RBS-F’) – electronic submission of information for 2018

To: Regulated Entities:Alternative Investment Fund Managers (‘AIFMs’); UCITS Management Companies (‘UCITS MC’); Self-Managed UCITS (‘SM UCITS’); Self-Managed Alternative Investment Funds (‘SM AIFs’); Self-Managed Alternative Investment Funds with Limited Number of Persons (‘SM AIFLNP’); Companies with sole purpose the management of AIFLNPsCySEC wishes to inform the Regulat...
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CySEC Circular C319

Subject: Circular C319 (“the Circular”) dated 14.05.19 regarding CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist FinancingTo whom it concerns: -        CIFs; -        AIFs; -        AIFMs; -        AIFLNPs; and -        other Regulated Financial Entities The new CySEC Directive for the Prevention and Suppression of Money Laundering and Terrorist Fin...
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CySEC Circular C312

Subject: Circular C312 (“the Circular”) dated 16.05.19 regarding findings of review into Key Information Document (the “KID”) on Packaged Retail and Insurance – based Investment Products (PRIIPs)To whom it concerns:CIFs;Regulation (EU) No. 1286/2014 sets out common standards for KIDs’ disclosure so that retail investors are provided with the information necessary for them to make an ...
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