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Regulatory Developments

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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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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Directive regarding the Investor Compensation Fund (R.A.D. 76/2019)

Date: 6th May 2019,Subject: CySEC’s Investor Compensation Fund (“ICF”) Directive 13th of March 2019.To whom it concerns:CIFs;AIFMs which provide the services of paragraph 6 of Section 6 of the AIFM Law of 2013; Management companies, which provide the services of paragraph 4 of Section 109 of the Open-Ended Undertakings for Collective Investments Law of 2012.CySEC has revised cer...
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Feb 2019 – Directive regarding Certified Persons and Certification Registers

Directive regarding Certified Persons and Certification Registers (R.A.D. 44/2019)18th February 2019CySEC has issued a Directive regarding certified persons and certification registers (R.A.D. 44/2019).The Directive determines and clarifies:The frequency, the content, the material and the way the CySEC examination is conducted; Any matter relating to the Certification Registers, the pr...
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Circular C251 (ESMA Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II)

CySEC wishes to inform Regulated Entities that ESMA published on 01.10.17, Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II (“the Guidelines”).The guidance is focused on the construction of Transaction Reports and of the order data records field by field for various scenarios that can occur. Given the wide range of potential scenarios, these guid...
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Circular C252 (The Risk-Based Supervision Guidelines)

CySEC wishes to inform the Regulated Entities of the following:The Joint Committee of the three European Supervisory Authorities (“ESAs”) (i.e. EBA, EIOPA and ESMA) published, on the 07.04.17, its final guidelines on the characteristics of a risk-based approach to AML and CFT supervision, and the steps to be taken when conducting supervision on a risk-sensitive basis (“The Risk-Based Supervisi...
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