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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:
12/10/2023 – C601 - EBA’s Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849
CySEC wishes to inform the Regulated Entities that the EBA has published its Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849 (‘Guidelines’). The Guidelines set common EU standards on the development and implementation of sound, risk-sensitive initial CDD processes in the remote customer onboarding context.
C601 - EBA’s Guidelines - Use of Remote Customer Onboarding Solutions
12/10/2023 – C602 - Requirements of the Spanish Securities and Exchange Commission (the ‘CNMV’) regarding the product intervention measures relating to the contract for differences (the ‘CFDs’) and other leveraged products to retail investors in Spain
CySEC draws the attention of CIFs’ on product intervention measures relating to CFDs and other leveraged products to retail investors in Spain. The CNMV’s Resolution forbids the advertisement of CFDs and other leveraged instruments to retail investors as well as certain remuneration policies and sales techniques. Moreover, intervention measures for the marketing, sale and distribution to retailers of other leveraged instruments are established.
C602 - Spain CNMV Intervention Measures
12/10/2023 – C603 - ESMA Guidelines on MiFID II product governance requirements (ESMA3543-3448)
CySEC wishes to inform the Regulated Entities that ESMA published the Guidelines on MiFID II product governance requirements. The Guidelines apply in relation to the manufacturing or distribution of financial instruments and structured deposits. The purpose of the Guidelines is to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and to ensure the common, uniform and consistent application of the MiFID II requirements on product governance.
C603 - ESMA Guidelines on MiFID II
13/10/2023 – C604 - ΕΒΑ Guidelines on outsourcing (EBA/GL/2019/02)
CySEC wishes to bring attention to CIF’s Guidelines on outsourcing. The guidelines were published on 2/2/2019 by EBA. The Guidelines specify the internal governance arrangements, including sound risk management, that CIFs should implement when they outsource functions, in particular regarding the outsourcing of critical or important functions.
4/10/2023 - Statistics on Interest Rates applied Monetary Financial Institutions
CBC released the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans of euro-area residents in euro and data regarding volumes of new euro-denominated loans to euro-area residents.
10/10/2023 - Designation of institutions as Other Systemically Important Institutions
The CBC concluded its annual reassessment of the designation of credit institutions that meet the definition of O-SII institutions of 2023. In particular, the CBC designed Bank of Cyprus Public Company Ltd, Hellenic Bank Public Company Ltd, Eurobank Cyprus Ltd, Astrobank Ltd and Αlpha Bank Cyprus Ltd as Other Systemically Important Institutions (O-SII institutions) and set the level of the capital buffer that they must maintain as a result of their systemic importance.
11/10/2023 - Ship Management Survey for the first half of 2023
CBC published the results of the Ship Management Survey for the first half of 2023.
18/10/2023 - The Euro system proceeds to the next phase of the digital euro project.
ECB has decided to proceed to the next phase of the digital euro project. The Governing Council will commence the digital euro preparation phase following the conclusion of the two-year investigation phase on the design and distribution of a digital euro. The preparation phase will lay the foundations for a potential digital euro, with work to include finalising the rulebook and selecting providers to develop the platform and infrastructure. The preparation phase will also pave the way for potential future decisions on issuing a digital euro
The next phase of digital euro project
25/10/2023 - Bank Lending Survey
A qualitative survey of bank lending in the euro area. The survey is based on a representative sample of euro area banks. Its main objective is to improve the Euro system’s knowledge of financing conditions in the euro area.
25/10/2023 - Monetary Financial Institutions (MFIs) Deposits and Lons Statistics.
CBC has released the MFIs deposits and loans statistics for September 2023.
06/10/2023 - Results of the September 2023 Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)
- Credit terms and conditions remained unchanged following nine consecutive survey rounds of reported tightening.
- Maximum maturity of funding secured against government bonds for most-favoured clients increased.
- Demand for funding against covered bonds and high-quality corporate bonds increased.
2023 Survey results on credit terms and conditions
11/10/2023 - ECB Consumer Expectations Survey results – August 2023 - Compared with July 2023:
- median consumer inflation expectations for the next 12 months and those for three years ahead increased marginally.
- expectations for nominal income growth over the next 12 months increased slightly, but expectations for nominal spending growth declined somewhat.
- expectations for economic growth over the next 12 months became slightly more negative and the expected unemployment rate in 12 months’ time increased marginally.
- expectations for growth in the price of homes over the next 12 months slightly increased, and expectations for mortgage interest rates 12 months ahead rose marginally.
ECB Consumer Expectations Survey results
18/10/2023 - Eurosystem proceeds to the next phase of the digital euro project.
The Governing Council of the European Central Bank (ECB) decided to move to the next phase of the digital euro project: the preparation phase.
- Governing Council to start digital euro preparation phase following conclusion of two-year investigation phase on design and distribution of a digital euro
- Preparation phase will lay the foundations for a potential digital euro, with work to include finalizing the rulebook and selecting providers to develop the platform and infrastructure.
- Preparation phase will pave the way for potential future decisions on issuing a digital euro.
Next phase of the digital euro project
24/10/2023 - October 2023 euro area bank lending survey
- Credit standards tightened further, and more than expected by banks, across all loan categories.
- The demand for loans by firms and households continued to decrease strongly.
- Ongoing central bank balance sheet reduction contributing to tighter lending conditions.
- Positive impact of policy rate hikes on net interest margins expected to gradually abate.
26/10/2023 - Monetary policy decisions
The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed its previous assessment of the medium-term inflation outlook. Inflation is still expected to stay too high for too long, and domestic price pressures remain strong.
27/10/2023 - Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2023
- Limited revisions to headline inflation expectations for 2023-25; longer-term expectations unchanged; core inflation expectations revised down for 2024-2025 and longer-term
- Real GDP growth expectations are slightly down for 2023 and 2024, but unchanged thereafter
- Profile of unemployment rate expectations down slightly
25/10/2023 - European Supervisory Authorities publish joint criteria on the independence of supervisory authorities.
The three European Supervisory Authorities– the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA) (EBA, EIOPA and ESMA – the ESAs) – today published their joint criteria on the independence of supervisory authorities.
The independence criteria are organised around four key principles:
- Operational independence: supervisory authorities operate without any form of undue influence from the supervised sector and the government, and have adequate legal powers and operational resources
- Personal independence: with transparent rules for the appointment, selection and removal of members of the supervisory authority’s governing body, and high ethical standards for members of the supervisory authority’s staff and governing body.
- Financial independence: with sufficient financial resources for supervisory authorities to fulfil their mandates.
- Accountability and transparency: supervisory authorities conduct their tasks in a transparent and accountable manner.
Joint criteria on the independence of supervisory authorities
5/10/2023 - ESMA publishes the second consultation on crypto market rules
ESMA published the second consultation package under the Markets in Crypto-Assets Regulation (MiCA). Stakeholders are encouraged to provide their feedback to this consultation by 14 December 2023.
Second consultation on crypto markets
19/10/2023 - ESMA conducts first annual assessment of Data Reporting Service Providers’ relevance for EU financial markets
ESMA has performed the first annual assessment based on data collected in 2022. Through the assessment, ESMA has established that two Data Reporting Service Providers (DRSPs) have exceeded the derogation thresholds.
30/10/2023 - ESMA publishes analysis on the evolution of EEA share market structure since the application of MiFID II
ESMA published an article on the evolution of the European share market structure from 2019 to 2022, following the implementation of the markets in financial instruments directive (MiFID II). Specific focus is given to the impact of the UK’s withdrawal from the EU, given its pivotal role in equity markets.
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