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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:
03/07/2023 – C587 ESMA Guidelines on the consistent application of the triggers for the use of Early Intervention Measures.
CySEC reminds the regulated entities that ESMA has published the Guidelines on the consistent application of the triggers for the use of Early Intervention Measures. These Guidelines are applicable from 1st August 2023.
18/07/2023 – C588 Opinion on the risks of money laundering and terrorist financing affecting the EU’s financial sector.
CySEC informs the Regulated Entities that EBA publish its fourth “Opinion on the risks of money laundering and terrorist financing affecting the EU’s financial sector”. The Opinion and its associated report inform the risk assessments carried out by competent authorities and the EBA’s policies and priorities.
C588 Opinion on the risks of money laundering
18/07/2023– C589 Moneyval’s report on money laundering and financing of terrorism risks in the world of virtual assets.
The Report presents an overview of the money laundering and financing of terrorism risks in the world of virtual assets. CySEC considers the Report to be of assistance to the Regulated Entities engaging or seeking to engage in virtual asset activities in understanding their AML/CFT risks and obligations and how they effectively comply with these obligations.
28/07/2023 - Reference interest rate as Calculated by the Central Bank of Cyprus, in accordance with article 314A of the Cyprus Code Cap 154.
The CBC determines the Loan interest rate to be 10.38% for the quarter July-September 2023.
4/7/2023- Press Release on the “Results of the June 2023 Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)”.
Overall credit terms and conditions in the securities financing and OTC derivatives markets tightened for all types of counterparties between March and May 2023. This was a continuation of the developments observed over the previous eight quarters and was in line with the expectations expressed in the March 2023 survey. The tightening of credit terms and conditions was most pronounced for banks and dealers and insurance companies.
28/07/2023 - EBA published findings of an ad-hoc analysis of unrealised losses on debt securities held at amortised cost in EU banks.
This targeted analysis is part of the ongoing regular risk monitoring of the EU banking sector conducted by the EBA in collaboration with other Competent Authorities.
19/07/2023 - ESMA performs an analysis of the cross-border investment activity of firms. ESMA completed an analysis of the cross-border provision of investment services during 2022.
The data collected and analysed across 29 jurisdictions allows ESMA and NCAs to shed light on various aspects of the market for retail investors that receive investment services from credit institutions and investment firms established in other Member States.
ESMA analyis of the cross-border investment activity of firms
25/07/2023 - Inclusion of the United Arab Emirates on the AML blacklist requires ESMA to withdraw the recognition decisions of three CCPs
ESMA has withdrawn as required by EMIR the recognition decisions of the following three central counterparties (“CCPs”) established in the United Arab Emirates (including the Dubai International Financial Centre):
- Dubai Commodities Clearing Corporation;
- Dubai Clear LLC;
- Nasdaq Dubai Ltd.
This withdrawal follows the addition of the United Arab Emirates, by the European Commission, to the list of high-risk third countries presenting strategic deficiencies in their national anti-money laundering and counter financing of terrorism (“AML/CFT”) regime, on 16 March 2023. In order to minimise potential market disruption, ESMA has provided an adaptation period of three months.
The withdrawal of recognition decisions will therefore enter into effect on 25 October 2023. From that date, the three CCPs concerned will no longer be permitted to provide clearing services to clearing members or trading venues established in the EU.
Inclusion of UAE on AML blacklist requires ESMA action on CCPs
27/07/2023 - ESMA and the EBA assess the implementation of the revised Shareholder Rights Directive and identify areas for progress.
This assessment carried out in response to a European Commission’s request, identifies areas for further progress and provides detailed suggestions for policy action in relation to the Directive’s effectiveness, difficulties in practical application and the appropriateness of the scope of application. The Report will serve as a basis for the upcoming work of the European Commission in assessing the implementation of the SRD2 and for the potential review process of the SRD2. ESMA and the EBA assess the implementation of the revised Shareholder Rights Directive and identify areas for progress
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