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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:
20/04/2023 - C567 - Electronic Submission of the Form "Monthly Prevention Statement for AML/CFT purposes" (paragraph 11 of CySEC’s AML/CFT Directive) via the CySEC’s Transaction Reporting System (‘TRS’) – New Form MPS.
CySEC informs all Regulated Entities (see points i-x above of the form) that from May 2023 (Reporting for April 2023), the Form of the Monthly Prevention Statement (MPS) for AML/CFT purposes, will be submitted via the CySEC’s Transaction Reporting System (‘TRS’).
28/04/2023 - C569 - Risk Based Supervision Framework (‘RBS-F’) – Electronic submission of Information for the year 2022
The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law (‘the CySEC Law’).
C-569 - Electronic submission of Information for the year 2022
28/04/2023 - C570 - EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine
New reporting obligations further to Circular C555, CySEC draws the attention of the Regulated Entities to the published FAQs by the European Commission on the new reporting obligations, as introduced in the Tenth sanctions package adopted by the Council of the European Union (EU Council) against Russia due to its military aggression against Ukraine, following the amendments of Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014, as published in the Official Journal of the European Union, dated 25 February 2023. The relevant FAQs and links to the reporting templates for Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014 can be found in the consolidated version of the FAQs, also available on CySEC’s website.
No new announcements/circulars/directives for this month
No new announcements/circulars/directives for this month
25/04/2023 - ESAs call for vigilance in the face of mounting financial risks
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. While noting that EU financial markets remained broadly stable despite the challenging macro environment and recent market pressure in the banking sector, the three Authorities are calling on national supervisors, financial institutions and market participants to remain vigilant in the face of mounting risks.
ESAs call for vigilance in the face of mounting financial risks
28/04/2023 - EBA updates data on deposit guarantee schemes across the European Economic Area
EBA published data related to two key concepts and indicators in the Deposit Guarantee Schemes Directive (DGSD), namely available financial means (AFMs) and covered deposits. The EBA publishes these data for the deposit guarantee scheme (DGS) in each Member State on a yearly basis to enhance the transparency and public accountability of DGSs across the EEA to the benefit of depositors, markets, policymakers, DGSs and Members States.
EBA updated data on deposit guarantee schemes across the European Economic Area
19 /04/ 2023 – ESMA finds data quality significantly improves under the new monitoring approach.
ESMA published the third edition of its Data Quality Report under the European Markets Infrastructure Regulation (EMIR) and the Securitised Financing Transactions Regulation (SFTR) reporting regimes.
The report highlights the increased use of transaction data by EU financial regulatory authorities in their day-to-day supervision and identifies significant quality improvements following a new approach to data monitoring. In addition, it sets out how ESMA, together with the National Competent Authorities (NCAs), the European Central Bank (ECB) and the European Systemic Risk Board (ESRB), has incorporated key insights from its data monitoring in several internal workstreams.
ESMA finds data quality significantly improves under the new monitoring approach
28/04/2023 - ESMA publishes the annual transparency calculations for non-equity instruments, bond liquidity data and quarterly SI calculations.
ESMA, published the results of the annual transparency calculations for non-equity instruments, new quarterly liquidity assessment of bonds and the quarterly systematic internalise calculations under MiFID II and MiFIR.
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