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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:
28/11/2023 – C605 - EBA public Consultation Paper on new Guidelines on preventing the abuse of funds and certain crypto assets transfers, for money laundering and terrorist financing purposes
CySEC notified about EBA’s public Consultation Paper on new Guidelines on preventing the abuse of funds and certain crypto assets transfers, for money laundering and terrorist financing purposes.
EBA launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto assets transfers for money laundering and terrorist financing purposes under the Regulation for Travel Rule Guidelines, the so-called Travel Rule obligation.
02/11/2023 - Statistics on Interest Rates applied by 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. These statistics are included in the October 2023 edition of Monetary and Financial Statistics.
06/11/2023 - Aggregate Cyprus Banking Sector Data
CBC published updated aggregate banking data for Cyprus (non-performing loans data) with a reference date of 31 August 2023.
Aggregate Cyprus Banking Sector Data
17/11/2023 - Investment Funds Statistics
CBC released the Investment Funds statistics for the reference month of September 2023.
28/11/2023 - Monetary Financial Institutions (MFIs) Deposits and Loans Statistics
CBC released the MFIs deposits and loans statistics for the reference month of October 2023, which are included in the November 2023 edition of Monetary and Financial Statistics.
22/11/2023 - Financial stability outlook remains fragile as macro-financial conditions weaken
The financial stability outlook remains fragile as macro-financial conditions weaken. Financial markets remain exposed to adverse macro-financial and geopolitical developments, potentially amplified by vulnerabilities in some non-bank financial institutions.
28/11/2023 - Survey on the Access to Finance of Enterprises: continued tightening in reported financing condition
Euro area firms signalled a continued increase in turnover, while higher labour, production and interest costs weighed on their profitability. Firms expect their turnover to increase further over the next six months.
Survey on the Access to Finance of Enterprises
28/11/2023 - Monetary developments in the euro area
Monetary developments in the euro area for October 2023
Monetary Development EU - Oct 2023
21/11/2023 - The EBA publishes final standards for Supervisors assessing new market risk internal models
EBA today published its final draft Regulatory Technical Standards (RTS) on the assessment methodology under which competent authorities verify institutions’ compliance with the requirements applicable to their internal models under the Fundamental Review of the Trading Book (FRTB) rules. These RTS are part of the phase 4 deliverables of the EBA roadmap on market risk and counterparty credit risk approaches. Today’s final draft RTS represent a significant milestone in the implementation of the FRTB internal models in the EU.
Final standards for Supervisors
24/11/2023 - EBA consults on Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes
EBA today launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IP-SPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets. They also detail the procedures all these providers should put in place to manage a transfer of funds or a transfer of crypto-assets that lacks the required information. These Guidelines aim at forging a common understanding to ensure the consistent application of EU law as well as a stronger anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The consul-tation runs until 26 February 2024.
Guidelines on preventing funds abuse & certain crypto-assets transfers
27/11/2023 - EBA issues guidance to AML/CFT supervisors of CAS
EBA today extended its risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision guide-lines to AML/CFT supervisors of crypto-asset service providers (CASPs). The new guidelines set clear expectations of the steps supervisors should take to identify and manage money laundering and terrorism financing (ML/TF) risks in this sector and are an important step forward in the EU’s fight against financial crime.
09/11/2023 - ESMA put cyber risk as a new Union Strategic Supervisory Priority
ESMA, the EU’s financial markets regulator and supervisor, is changing its Union Strategic Supervisory Priorities (USSPs) to focus on cyber risk and digital resilience alongside ESG disclosures.
Cyber risk - New Union Strategic Supervisory Priority
13/11/2023 - ESMA and EU CCPs participate in a Global fire-drill
ESMA, the EU’s financial markets regulator and supervisor, is coordinating the participation of the majority of EU CCPs in a global fire drill during the week starting 13 November 2023.
The exercise taking place this week entails over 30 CCPs simultaneously running a simulation of their default management processes. It is jointly coordinated by ESMA, in cooperation with EU and non-EU authorities, CCPs, and industry associations.
ESMA & EU CCPs participate in a Global fire drill
13/11/2023 - ESAs publish amended technical standards on the mapping of External Credit Assessment Institutions
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs), in accordance with the Capital Requirements Regulation (CRR) and the Solvency II Directive (Solvency II). The amendments reflect the outcome of a monitoring exercise on the adequacy of existing mappings, and the de-registration of three credit rating agencies (CRAs).
In the amended ITS the ESAs are proposing to change the credit quality step (CQS) allocation for four ECAIs, and to introduce new or amended credit rating scales for seven ECAIs. Further, the amended ITS no longer contain mapping tables for the three ECAIs, whose licenses have been revoked since the previous amendment.
The ESAs have published individual draft mapping reports illustrating how the methodology was applied to produce the amended mappings in line with the CRR mandate.
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