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We researched and summarised for you, all recent regulatory updates from Cyprus and Europe, which are applicable for Regulated Companies operating in the Region.
We support our clients and associates by providing a comprehensive page with the recent circulars, directives, and guidance issued by the following Regulators:
31/01/2024 - C618 - Technical clarifications concerning Reporting obligation
Technical clarifications concerning Reporting obligation under articles 4(3)(d) and 31(1), (2) and (4) of the Alternative Investment Fund Managers Law (the ‘AIFM Law’) as further specified with articles 5(3) and 110 of the Commission Delegated Regulation (EU) No 231/2013 regarding exemptions, general operating conditions, depositaries, leverage, transparency, and supervision (‘the Regulation’).
C618-Technical clarifications for reporting obligations
05/02/2024 - C619 – ESMA Guidelines on the transfer of data between Trade Repositories under EMIR and SFTR (ESMA74-362-2351)
The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to remind the regulated entities that the European Securities and Markets Authority (ESMA) has published the Guidelines on the transfer of data between Trade Repositories under EMIR and SFTR (the ‘Guidelines’) on January 05, 2024, translated in all official languages of the EU.
C619-ESMA Guidelines on transfer of data
06/02/2024 - C620 - Adoption of the EBA Guidelines
Adoption of the European Banking Authority (the ‘EBA’) Guidelines on the monitoring of the threshold and the procedural aspects on the establishment of intermediate EU under-takings under Article 21b of Directive 2013/36/EU.
C620-Adoption of the EBA Guidelines
06/02/2024 - C621 - Clarifications on Recommendation 2022/9 of the ESRB
Clarifications on the data to be submitted regarding Recommendation 2022/9 of the European Systemic Risk Board (ESRB) on the vulnerabilities in the commercial real estate sector in the European Economic Area.
01/02/2024 Statistics on Interest Rates applied by Monetary Financial Institutions
The Central Bank of Cyprus has today released the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans of euro area residents in euro, as well as data regarding volumes (amounts) of new euro denominated loans to euro area residents for the reference month of December 2023.
Statistics on Interest Rates applied by MFI
13/02/2024 “SRM Vision 2028” Strategy
SRB launches its “SRM Vision 2028” Strategy at the SRB Conference.
21/02/2024 - Requests for reduced payment of legal costs
The Central Bank of Cyprus (CBC) announces that it will be again accepting requests for the reduced payment of legal costs from persons who have filed lawsuits against the CBC in connection with the resolution and bonds of the Bank of Cyprus and/or Laiki Bank.
02/02/2024 – December 2023 Survey
Results of the December 2023 Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)
06/02/2024 - ECB Consumer Expectations Survey results – December 2023
Compared with November 2023:
- the survey covers five additional countries (Ireland, Greece, Austria, Portugal and Fin-land);
- median consumer inflation expectations for the next 12 months declined for the third consecutive month, while inflation expectations three years ahead edged up;
- expectations for nominal income growth over the next 12 months and expectations for nominal spending growth remained broadly stable.
- expectations for economic growth over the next 12 months remained unchanged, while the expected unemployment rate in 12 months decreased.
- expectations for growth in the price of homes over the next 12 months declined slightly, while expectations for mortgage interest rates 12 months ahead also declined.
ECB Consumer Expectations Survey results – December 2023
22/02/2024 - Financial statements of the ECB for 2023
- ECB reports a loss of €1.3 billion (2022: zero) after the release of €6.6 billion from the provision for financial risks
- Loses carried forward on ECB’s balance sheet to be offset against future profits.
Financial statements of the ECB for 2023
01/02/2024 - ESAs recommend steps to enhance the monitoring of BigTechs’ financial services activities
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. The Report identifies the types of financial services currently carried out by BigTechs in the EU according to EU licences and highlights inherent opportunities, risks, regulatory and supervisory challenges. The ESAs will continue to strengthen the monitoring of the relevance of BigTech in the EU financial services sector, including via the establishment of a new monitoring matrix.
01/02/2024 -The EBA consults on draft technical standards on residual risk add-on hedges under the Fundamental Review of the Trading Book
The EBA consults on draft technical standards on residual risk add-on hedges under the Fundamental Review of the Trading Book
The European Banking Authority (EBA) today launched a public consultation on its draft Regulatory Technical Standards (RTS) on the conditions for determining whether an instrument attracting residual risk acts as a hedge. These RTS are part of the Phase 1 deliverables of the EBA roadmap on the implementation of the EU banking package in the area of market risk. The consultation runs until 3 May 2024.
06/02/2024 -The EBA releases a technical package for its 3.4 reporting framework
The European Banking Authority (EBA) today published a technical package for version 3.4 of its reporting framework. This package provides the standard specifications that include the validation rules, the Data Point Model (DPM) and the XBRL taxonomies to support the amendments to the reporting and disclosure technical standards on the minimum requirement for own funds and eligible liabilities and total loss-absorbing capacity (MREL/TLAC), as well as some minor corrections to the technical package on the interest rate risk in the banking book (IRRBB).
EBA consultation on draft technical standards
06/02/2024 - ESA’s Joint Board of Appeal confirms ESMA’s decision to withdraw the recognition of Dubai Commodities Clearing Corporation
The Joint Board of Appeal (“the Board”) of the European Supervisory Authorities (EBA, EI-OPA and ESMA – the ESAs) unanimously decided to dismiss the appeal brought by Dubai Commodities Clearing Corporation (“DCCC”) against the European Securities and Markets Authority (“ESMA”) and to therefore confirm the ESMA decision to withdraw its recognition.
12/02/2024 - The EBA publishes a follow-up on the Peer Review of the Joint ESAs Guidelines on the prudential assessment of the acquisition of qualifying holdings.
The European Banking Authority (EBA) today published a follow-up to the EBA 2021 peer review report on the application of the Joint ESAs Guidelines on the prudential assessment of the acquisition of qualifying holdings. The review assesses the adequacy and effectiveness of the actions undertaken by the competent authorities subject to the previous review and finds good progress in remedying the deficiencies identified in 2021.
EBA publishes follow-up on the Peer Review
20/02/2024 - The EBA consults on the new framework for the business indicator for operational risk as part of the implementation of the EU Banking Package
The European Banking Authority (EBA) today launched a consultation on two sets of draft Regulatory Technical Standards (RTS) and one Implementing Technical Standard aiming to clarify the composition of the new business indicator at the heart of the operational risk capital requirements calculation, mapping the business indicator items to financial reporting (FINREP) items and highlighting possible adjustments to the business indicator in case of specific operations. The consultation runs until 21 May 2024.
EBA's consultation on amendments to the operational risk Pillar 3
26/02/2024 -The EU Council confirms the extension of Jose Manuel Campa as Chairperson of the EBA
The General Affairs Council has confirmed the extension of the mandate of Jose Manuel Campa as Chairperson of the European Banking Authority (EBA) until May 2029. The decision on the extension of the mandate was based on an evaluation of the work of the past five years, as well as on work requirements for the coming years.
Extension of Jose Manuel Campa
27/02/2024 -The EBA launches a call for expression of interest for its new Banking Stake
The European Banking Authority (EBA) launched today a call for expression of interest to set up its new Banking Stakeholder Group (BSG) and to create a reserve list. The mandate of the current members will expire on 30 June 2024. The call for expression of interest is open to candidates representing stakeholders across the European Union. The deadline for application is 27 March 2024 at 23:59.
Call for expression of interest
02/02/2024 - ESAs recommend steps to enhance the monitoring of BigTechs’ financial services activities
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. The Report identifies the types of financial services currently carried out by BigTechs in the EU pursuant to EU licences and highlights inherent opportunities, risks, regulatory and supervisory challenges. The ESAs will continue to strengthen the monitoring of the relevance of BigTech in the EU financial services sector, including via the establishment of a new monitoring matrix.
13/02/2024 - ESMA's Newsletter latest edition
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
ESMA's Newsletter latest edition
13/02/2024 - ESMA withdraws Euronext authorisation
ESMA withdraws Euronext authorization as a data reporting service provider under MIFIR upon the entity's request.
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