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Regulatory Developments

Circular C379 (“the Circular”) dated 08.04.2020 regarding Population data collection by the EBA concerning the new prudential framework for investment firms (“IFs”)

In light of the ‘New prudential framework for investment firms’, and the related Practical Guide issued by CySEC on March 6, 2020, the European Banking Authority (“EBA”) has a mandate to develop the ‘new’ reporting requirements for IFs, in terms of own funds, levels of minimum capital, concentration risk, liquidity requirements, level of activity in respect of small and non-interconnected Ifs and ...
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ESMA’s Liquidity Stress Testing (LST)

ESMA objective: To promote consistency and increase the frequency of current LST practices while also enhancing the existing LST standards.When: On the 30th September 2020 the new ESMA’s Liquidity Stress Testing Guidelines (“the Guidelines”) will take effect. Competent authorities shall be incorporating these Guidelines into their national legal and supervisory frameworks as appropriate.To...
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AML Compliance Officers’ Examinations

CySEC Announcement dated 17th December 2019 on the “ AML Compliance Officers’ ” Examinations The Cyprus Securities and Exchange Commission (CySEC) would like to inform all the interested parties that it will initiate the conduct of the examinations for the certification of the Anti-Money Laundering Compliance Officers (AMLCOs) in February 2020.The said examinations are conducted by CySEC to...
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Directive DI87-09 dated 27.09.2019 in relation to the Marketing, Distribution and Sale of CFDs

The Cyprus Securities and Exchange Commission (‘CySEC’) has issued a Directive for the imposition of national measures to restrict the marketing, distribution and sale of contracts for difference (‘CFDs’).The Cyprus National Product Intervention Measures (‘CyNPIMs’) include:Restricting leverage limits from 30:1 to 2:1 on the opening of a position by a retail client; The adoption of th...
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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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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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