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Regulatory Developments

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 gu...
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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 Supervi...
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Circular C255 (Findings of the assessment of Compliance Officers’ Annual Reports and the Internal Auditors’ Reports on the prevention of Money Laundering (“ML”) and Terrorist Financing (“TF”))

CySEC has deployed a risk-based assessment of the AMLCOs’ and the Internal Auditors’ Annual Reports for the year 2016, that were submitted to CySEC in 2017. Having carried out these assessments, the following common and recurring weaknesses and deficiencies were identified: AMLCOs’ Annual Reports on the prevention of ML and TF and the relevant BoD minutes Insufficient application...
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Circular C256 (Provision of investment and ancillary services and/or performance of investment activities in a Third-Country)

CySEC wishes to inform CIFs which intend to provide investment and ancillary services and/or perform investment activities in the territories of Third-Countries, of the following: Prior to providing/performing the above-mentioned services and activities in Third-Countries, CIFs must: notify CySEC via a letter of their intention to do so. The said letter should state for each targeted T...
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Circular C259 (ESMA Guidelines on the management body of Market Operators and Data Reporting Services Providers (“DRSPs”))

CySEC wishes to inform Market Operators and DRSPs that, the ESMA Guidelines on the management body of Market Operators and DRSPs have been adopted by CySEC. These guidelines clarify the requirements applicable to members of the management bodies of: National Competent Authorities; Market Operators; and DRSPs. CySEC’s expects that: Market Operators and DRSPs comply with the said Guide...
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Circular C260 (Regarding common and recurring weaknesses and/or deficiencies and best practice standards identified during onsite inspections performed by CySEC in relation to the prevention of money laundering (“ML”) and Terrorist Financing (“TF”))

Although CySEC has observed significant improvement in the internal procedures and measures applied by Regulated Entities to prevent ML and TF, in compliance with the AML Law and AML Directive, CySEC has also identified common and recurring weaknesses and/or deficiencies in Regulated Entities’ compliance with the AML Law and AML Directive, in the following areas: Client Due Diligence Ti...
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Circular C262 (Regarding the Online FCA survey for entities that have inbound passports to the UK)

Through the Circular, CySEC wishes to herein to draw the attention of the Regulated Entities which provide investment services in accordance with Articles 30, 35 and 36 of Law 87(I)/2017 (“the Law”), in the territory of UK, the following: UK Government announced that, if necessary it will legislate to provide a temporary permission scheme for EEA firms and funds passporting into the UK after ...
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Circular C266 (Regarding the Specially Designated Nationals List update)

Through the Circular, CySEC wishes herein to draw the attention of the Regulated Entities to the update of the Specially Designated Nationals List (“SDN List”) issued by the Department of the US Treasury’s Office of Foreign Assets Control (“OFAC”) on 06.04.18 relevant press release is accessible here. According to the Countering America’s Adversaries Through Sanctions Act (“CAATSA”), the legislati...
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Circular C274 (Regarding the date of authorisation – Clarification regarding Circular 191)

Through the Circular, CySEC wishes to clarify that, the “date of authorisation” referred to in Paragraph 2 of Circular 191, is: the date on which a CySEC Regulated Entity is informed of its license number; and the relevant information of the Regulated Entity is posted on CySEC’s website, under the section “Regulated Entities”. CySEC’s expects that: Regulated Entities acknowledge the abo...
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