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Regulatory Developments

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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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 minutesInsufficient application of Circul...
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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 Third-...
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