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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:
01/011/2024 - ESMA – Statement “European common enforcement priorities for 2024 corporate reporting."
The European Securities and Markets Authority (ESMA) issues its annual Public Statement setting out the European Common Enforcement Priorities (ECEP) for the 2024 annual financial reports of issuers admitted to trading on European Economic Area (EEA) regulated markets.
Read ESMA Statement on European common enforcement priorities;
06/11/2024 - ESMA Consultation Paper on draft technical advice concerning the Prospectus Regulation and on updating the CDR on metadata
ESMA invites comments on all matters in this paper and, in particular, on the specific questions summarised in Section 10.1.
Comments are most helpful if they:
- respond to the question stated;
- indicate the specific question to which the comment relates;
- contain a clear rationale; and
- describe any alternatives ESMA should consider.
ESMA will consider all comments received by 31 December 2024.
07/11/2024 - Notification for implementing Article 93 of the Regulation (EU) 2023/1114 of the European Parliament.
The Minister of Finance, to implement Regulation (EU) 2023/1114 and Article 56A of the Cyprus Securities and Exchange Commission Law (Law 73(I)/2009), designates the following as competent authorities: CySEC and the CBC.
11/11/2024 - Security Council 1591 Sanctions Committee Adds Two Entries to Its Sanctions List
On 8 November 2024, the Security Council Committee established pursuant to resolution 1591 (2005) approved the addition of the entries specified below to its Sanctions List of individuals and entities subject to the measures imposed by the Security Council and adopted under Chapter VII of the Charter of the United Nations.
Read the Two Entries - Sanctions List
12/11/2024 - COMMISSION DELEGATED REGULATION (EU) 2024/2547 of 5 September 2024, amending Regulation (EU) 2021/821 of the European Parliament and of the Council as regards the list of dual-use items
Having regard to Regulation (EU) 2021/821 of the European Parliament and of the Council of 20 May 2021 setting up a Union regime for the control of exports, brokering, technical assistance, transit and transfer of dual-use items.
12/11/2024 - Regulation (EU) 2022/2554 of the European Parliament and the Council on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011
The European Parliament and the Council of the European Union, issue on the Official Journal of the European Union the Regulation (EU) 2022/2554 and amendments on Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011.
12/11/2024 - Key aspects of the implementation of DORA
CySEC wishes to outline the key aspects for the implementation of the new framework on Digital Operational Resilience for the financial sector.
12/11/2024 – C663 - Requirements of the Polish Financial Supervision Authority (the ‘UKNF’) regarding the referral and affiliate programmes offered by investment firms in the territory of Poland
CySEC draws the attention of the Cyprus Investment Firms (the ‘CIFs’) to the UKNF’s position of October 2023 on referral programmes and affiliate programmes run by investment firms in Poland (hereby ‘the UKNF Position’).
12/11/2024 – C664 - EBA Guidelines on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114
CySEC informs the issuers of asset-referenced tokens, as defined in point 6 of Article 3(1) of Regulation (EU) 2023/11141 (“MiCA Regulation”), that it has adopted the Guidelines of the European Banking Authority (“EBA”) on recovery plans under Article 46 and 55 of Regulation (EU) 2023/1114 (the “Guidelines”), which were issued on June 13, 2024.
13/11/2024 - ANNOUNCEMENT CySEC commences accepting CASP applications and notifications for a preliminary assessment in accordance with MiCAR
Further to CySEC, announcement dated 17 October 2024 (available here) about the application of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (‘MiCAR’)1, CySEC wishes to draw the attention of interested parties to the adoption of several MiCAR-related delegated acts by the European Commission.
13/11/2024 - Key aspects of the implementation of DORA
CySEC wishes to outline the key aspects for the implementation of the new framework on Digital Operational Resilience for the financial sector.
15/11/2024 - C665 - CASPs regarding RBS-F – Electronic Submission of 2023 Information
CySEC informs the CASPs registered with CySEC, providing services in or from Cyprus. The Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the CySEC Law.
15/11/2024 - The European Banking Authority (EBA) issues final guidance on internal policies, procedures and controls to ensure the implementation of Union and national sanctions
EBA published two sets of final Guidelines that, for the first time, set common EU standards on the governance arrangements and the policies, procedures and controls financial institutions should have in place to be able to comply with Union and national restrictive measures.
21/11/24 – C666 - EBA Guidelines on the minimum content of the governance arrangements for issuers of asset-referenced tokens
CySEC herewith wishes to inform the issuers of asset-referenced tokens, as defined in points 6 and 10 of Article 3(1) of Regulation (EU) 2023/11141 (“MiCA Regulation”), that it has adopted the Guidelines of the European Banking Authority (“EBA”) on the minimum content of the governance arrangements for issuers of asset-reference tokens, which were issued on June 6, 2024.
22/11/2024 - EBA Guidelines on the minimum content of the governance arrangements for issuers of asset-referenced tokens
To foster the implementation of sound internal governance arrangements, processes and mechanisms within the EU for issuers of ARTs, in line with the requirements introduced by Regulation (EU) 2023/2034, the European Banking Authority (EBA), in cooperation with the European Securities and Market Authority (ESMA) and the European Central Bank, is mandated by Article 34(13) of (EU) 2019/2034 to develop guidelines in this area. The guidelines apply to issuers of ARTs as defined in Article 3(1)(10) of Regulation (EU) 2023/1114.
22/11/2024 - EBA Guidelines on recovery plans under Articles 46 and 55 of Regulation (EU) 2023/1114
Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) establishes a holistic approach for the regulation of crypto-asset issuance and crypto-asset service provision in the EU. Articles 46 and 55 of MiCAR set out an obligation for issuers of asset-reference tokens (ARTs) and issuers of e-money tokens (EMTs) to develop and maintain a recovery plan providing for measures to be taken by the issuer to restore compliance with the requirements applicable to the reserve of assets in cases where the issuer fails to comply with those requirements. This requirement is imposed on all issuers, regardless of whether the tokens are classified as significant. These guidelines specify the format of the recovery plan and the information to be provided therein.
The guidelines set out that recovery plans should comprise four elements: a summary of the key elements of the recovery plan, the information on governance, a description of the applicable recovery options, and a communication and disclosure plan.
25/11/2024 - The Provision of Crowdfunding Services for Business Law of 2024 (L.123(I)/2024) (only in Greek)
Read the House of Representatives votes as published in the Official Gazette of the Republic of Cyprus.
27/11/2024 - C667 – Publication of CySEC’s Review of compliance with the reporting obligation under the Alternative Investment Fund Managers Law (the ‘AIFM Law’) as further specified with the Commission Delegated Regulation (EU) No 231/2013 with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (‘the Regulation’)
CySEC wishes to inform the AIFMs about the following: During 2024, CySEC carried out a review of the compliance of AIFMs with their reporting obligation, as derived from articles 4(3)(d) and 31 of the AIFM Law as further specified under Article 110 of the Regulation (‘the Review’). The Review identified areas of concern that CySEC wishes to highlight to all AIFMs, which are asked to consider whether they comply with their reporting obligation under AIFM Law and Regulation.
11/11/2024 - Interest rate data for deposits and loans for each credit institution (available in GR)
To further enhance transparency, CBC publishes detailed interest rate data for deposits and loans for each credit institution.
19/11/2024 - Investment Funds Statistics
CBC publishes the investment Funds statistics for the reference month of September 2024. Τhe number of investment funds increased from 330 in June 2024 to 334 in September 2024, whereas their total assets decreased by approximately 0,8% to €6.795,7 million in September 2024, compared with €6.848,7 million in June 2024.
28/11/2024 - Monetary Financial Institutions (MFIs) Deposits and Loans Statistics
CBC released the MFIs deposits and loans statistics for the reference month of October 2024, which are included in the November 2024 edition of Monetary and Financial Statistics.
08/11/2024 - Recommendation ECB/2025/XX amending Recommendation ECB/2017/10 on common specifications for the exercise of some options and discretions available in Union law
The Governing Council of the ECB, having regard to the Treaty on the Functioning of the European Union and to Council Regulation (EU) No 1024/2013 of 15 October 2013, conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions1, and in particular Article 4(3) and Article 6(1) and (5)(c).
8/11/2024 - Regulation ECB/2025/XX amending Regulation ECB/2016/4 on the exercise of options and discretions available in Union law
The Governing Council of the ECB, having regard to the Treaty on the Functioning of the European Union and to Council Regulation (EU) No 1024/2013 of 15 October 2013, conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions1, and in particular Article 4(3), Article 6, and Article 9(1) and (2)
8/11/2024 - Guideline ECB/2025/XX amending Guideline ECB/2017/9 on the exercise of options and discretions available in Union law
The Governing Council of the ECB, having regard to the Treaty on the Functioning of the European Union and to Council Regulation (EU) No 1024/2013 of 15 October 2013, conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions1, and in particular Article 6(1) and Article 6(5)(a) and (c),
14/11/2024 - Guideline ECB_2024_36 amending Guideline ECB_2024_22 on the management of collateral in Eurosystem credit operations
The Governing Council of the ECB, having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(2) thereof, having regard to the Statute of the European System of Central Banks and the ECB,and in particular Articles 3.1, 9.2, 12.1, 14.3, 17, 18.2, the first paragraph of Article 20, and Article 22 issues amening guidelines.
14/11/2024 - Guideline ECB_2024_37 repealing Guideline ECB_2024_23 and amending Guideline ECB_2014_60 (Gen_Doc)
The Governing Council of ECB, having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof, having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the first indent of Article 3.1, Articles 9.2, 12.1, 14.3 and 18.2 and the first paragraph of Article 20 issue guidelines.
19/11/2024 - Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows
The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs), together with the ECB, released the results of the one-off “Fit-For-55” climate scenario analysis. Under the scenarios examined, transition risks alone are unlikely to threaten financial stability. However, when transition risks are combined with macroeconomic shocks, they can increase losses for financial institutions and may lead to disruptions. This calls for a coordinated policy approach to financing the green transition and the need for financial institutions to integrate climate risks into their risk management in a comprehensive and timely manner.
20/11/2024 - Euro area financial stability vulnerabilities remain elevated in a volatile environment
ECB sees elevated financial stability vulnerabilities in a volatile environment, according to its November 2024 Financial Stability Review, which was published today. Risks to euro area economic growth have shifted to the downside as inflation has moved closer to 2%, while financial markets have experienced several pronounced but short-lived spikes in volatility in recent months. “The outlook for financial stability is clouded by heightened macro-financial and geopolitical uncertainty together with rising trade policy uncertainty” said ECB Vice-President Luis de Guindos.
29/11/2024 - ECB announces changes to the Eurosystem collateral framework to foster greater harmonisation
The Governing Council of ECB decided on measures that aim to enhance the collateral framework's harmonisation, flexibility and risk efficiency.
07/11/2024 - EBA observes an improvement in competent authorities’ practices on the supervision of non-performing loans
EBA published a follow-up to the 2022 Peer Review report on the supervision of the management of non-performing exposures (NPEs) by credit institutions. The findings of the follow-up Report show improvements in competent authorities’ supervisory practices that reflect the significant focus given to the supervision of NPEs by the EBA and competent authorities and demonstrate that all competent authorities now fully or largely apply the EBA Guidelines on managing non-performing and forborne exposures. However, despite these positive results, the EBA cautions against complacency and encourages competent authorities to remain mindful and vigilant of the need to keep NPE ratios under scrutiny.
12/11/2024 - EBA publishes methodology, draft templates, and key milestones for its 2025 EU-wide stress test
EBA released the final methodology, draft templates, template guidance for the 2025 EU-wide stress test, and the milestone dates for the exercise. The methodology and templates cover all relevant risk areas and incorporate feedback received from the industry. The stress test exercise will formally start in January 2025, following the release of the macroeconomic scenarios, with the results scheduled for publication in early August 2025.
12/11/2024 - EBA consults on Guidelines on proportionate retail diversification methods.
EBA launched a consultation on its draft Guidelines that will specify proportionate retail diversification methods to be eligible for the preferential risk weight under the standardised approach for credit risk. The Consultation paper follows the recommendations from the EBA Advisory Committee on Proportionality for 2024 in the credit risk area. The consultation runs until 12 February 2025.
14/11/2024 - EBA issues final guidance on internal policies, procedures and controls to ensure the implementation of Union and national sanctions
EBA published two sets of final Guidelines that, for the first time, set common EU standards on the governance arrangements and the policies, procedures and controls financial institutions should have in place to be able to comply with Union and national restrictive measures.
14/11/2024 - EBA issues an Opinion in response to the European Commission's proposed amendments to the EBA final draft technical standards on supervisory reporting and Pillar 3 disclosures
EBA published an Opinion on the amendments proposed by the European Commission to the EBA final draft Implementing Technical Standards (ITS) on public disclosures by institutions and supervisory reporting under the revised Capital Requirements Regulation (CRR3). The EBA acknowledges that the Commission’s proposal provides some flexibility compared to the current version of the ITS and accepts it as an intermediate step. The Commission and the EBA will continue to work together to better articulate and further operationalise these ITS.
15/11/2024 - ESAs announce timeline to collect information for the designation of critical ICT third-party service providers under the Digital Operational Resilience Act
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a Decision on the information that competent authorities must report to them for the designation of critical ICT third-party service providers under the Digital Operational Resilience Act (DORA). In particular, the Decision requires competent authorities to report by 30 April 2025 the registers of information on contractual arrangements of the financial entities with ICT third-party service providers.
20/11/2024 - EBA updates its list of Common Equity Tier 1 instruments
EBA published an updated list of capital instruments that are classified as Common Equity Tier 1 (CET1).
20/11/2024 - The European Supervisory Authorities (EBA, EIOPA, ESMA – ESAs) publish Joint Guidelines on the system for the exchange of information relevant to fit and proper assessments
To enhance the information exchange between supervisory authorities within the European Union and across different parts of the financial sector, the ESAs have developed an ESAs F&P Information System. The Joint Guidelines clarify its use and how data can be exchanged.
29/11/2024 - EU banks continue to be robust, although risks from geopolitical tensions and cyber threats remain significant, the EBA Report shows EBA published the autumn edition of its risk assessment report (RAR).
The Report is accompanied by the publication of the 2024 EU-wide transparency exercise, which provides detailed information in a comparable and accessible format for 123 banks from 26 countries across the European Union (EU) and the European Economic Area (EEA).
Included in the previous sections:
- Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows
- ESA (EBA, EIOPA, ESMA – ESAs) publish Joint Guidelines on the system for the exchange of information relevant to fit and proper assessments
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