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Regulatory Developments

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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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 Guidelines.
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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 Timing ...
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