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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:
06/12/2024 - Policy Statement on the Pan-European Personal Pension Product (PEPP)
CySEC publishes the Policy Statement to inform interested parties of the steps towards the implementation of the Regulation (EU) 2019/1238 on a pan-European Personal Pension Product (PEPP).
Read the policy statement (EN & GR)
10/12/2024 - Law Amendment 141(I)/2024 (in Greek)
CySEC publishes the Prevention and Combating of Money Laundering (Amendment) (No. 2) Law of 2024 issued in the Official Gazette of the Republic of Cyprus in accordance with Article 52 of the Constitution.
10/12/2024 – C668 - Workshop about the preparation of the register of information under the Digital Operational Resilience Act
CySEC informs Financial Entities of the upcoming workshop initiated by the European Supervisory Authorities (EBA, EIOPA, ESMA – collectively referred to as ESAs) on how the financial entities should prepare their registers of information under DORA. With the implementation of DORA on 17th January 2025, financial entities must maintain registers of information regarding their use of ICT third-party providers.
Read all the details of the workshop
13/12/2024 - Policy Statement on the fees payable and information to be submitted to CySEC by the entities falling under the scope of MiCAR
CySEC publishes this Policy Statement to inform entities falling within the scope of Regulation (EU) 2023/1114 on markets in crypto-assets of its final approach on the applicable fees and information to be submitted to CySEC, following the outcome of the public consultation.
16/12/2024 - Annual Statistical Bulletin
The seventh edition of the CySEC Annual Statistical Bulletin seeks to provide key findings about Regulated Entities, based on the data collected for the years 2020-2023.
Read the Annual Statistical Bulletin
17/12/2024 - Regulation supplement (EU) 2024/1772
Regulation (EU) 2024/1772 of 13 March 2024 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for the classification of ICT-related incidents and cyber threats, setting out materiality thresholds and specifying the details of reports of major incidents.
Read the Regulation (EU) 2024/1772
17/12/2024 - Regulation supplement (EU) 2024/1773
Regulation (EU) 2024/1773 of 13 March 2024 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the detailed content of the policy regarding contractual arrangements on the use of ICT services.
Read the regulation (EU) 2024/1773
17/12/2024 - Regulation supplement (EU) 2024/1502
Regulation (EU) 2024/1502 of 22 February 2024 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council by specifying the criteria for the designation of ICT third-party service providers as critical for financial entities.
Read the regulation (EU) 2024/1502
17/12/2024 - Regulation supplement (EU) 2024/2956
Regulation (EU) 2024/2956 of 29 November 2024 laying down the implementation of technical standards for the application of Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to standard templates for the register of information.
Read the regulation (EU) 2024/2956
17/12/2024 - Regulation supplement (EU) 2024/1505
Regulation (EU) 2024/1505 of 22 February 2024 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council by determining the amount of the oversight fees to be charged by the Lead Overseer to critical ICT third-party service providers and the way in which those fees are to be paid.
Read the regulation (EU) 2024/1505
17/12/2024 - Regulation supplement (2024/1774)
Regulation (EU) 2024/1774 of 13 March 2024 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying ICT risk management tools, methods, processes, and policies and the simplified ICT risk management framework.
Read the regulation (EU) 2024/1774
27/12/2024 - C675 - EU Regulation 20231113 EBA Guidelines Reporting Obligations
CySEC informs the CASPs, as defined in the TFR Regulation1, in the MiCA Regulation2 and in Article 2A of the AML/CFT Law3, that the EU Regulation 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (the ‘TFR Regulation’), concerning the implementation of the ‘‘Travel Rule’’ for transfers of crypto-assets, will be applicable on the 30th of December 2024.
31/12/2024 - C674 - Transitional period for the provision of services in cryptoassets pursuant to Article 143 (3) of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (‘MiCAR’)
Further to its announcement dated 17 October 20242, the CySEC informs that according to Article 143(3) of MiCAR, «Crypto-asset service providers that provided their services in accordance with applicable law before 30 December 2024, may continue to do so until 1 July 2026 or until they are granted or refused an authorisation pursuant to Article 63, whichever is sooner». Therefore, the CASPs that provided their services in accordance with the provisions of National Rules3 before 30 December 2024, may continue to do so until 1 July 2026, or until they are granted or refused an authorisation pursuant to Article 63, whichever is sooner
31/12/2024 - C676 – Technical clarifications
Technical clarification concerning Reporting obligation under articles 4(3)(d) and 31(1), (2) and (4) of the Alternative Investment Fund Managers Law (the ‘AIFM Law’) as further specified with articles 5(3) and 110 of the Commission Delegated Regulation (EU) No 231/2013 with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (‘the Regulation’)
Read the technical clarifications
04/12/2024 - Statistics on Interest Rates applied by Monetary Financial Institutions
CBC released the statistics on the average interest rates applied by monetary financial institutions in Cyprus on deposits and loans of euro-area residents in euro, as well as data regarding volumes (amounts) of new euro-denominated loans to euro-area residents for the reference month of October 2024.
05/12/2024 - DORA application
CBC would like to remind all financial entities in the scope of Regulation (EU) 2022/2554 (the Digital Operational Resilience Act “DORA”) that the date of application is 17 January 2025. As of this day, these financial entities must comply with the requirements of the DORA Regulation and the relevant technical standards published in the Official Journal of the European Union.
19/12/2024 - CBC Macroeconomic Forecasts December 2024 for the Cypriot Economy (in GR)
CBC announced its December 2024 forecasts for the main macroeconomic aggregates of Cyprus for 2024-2027, for Gross Domestic Product (GDP), unemployment, inflation, and inflation excluding energy and food (structural inflation). The analysis of the potential deviations from the baseline scenario of the GDP and inflation forecasts, respectively, has also been completed.
Read the Macroeconomic Forecasts
20/12/2024 - Statistical Bulletin October 2024
The Statistical Bulletin is a new quarterly publication of the Statistics Department of the CBC.
The purpose of this bulletin is to provide a comprehensive overview of the main data produced by the Statistics Department for enhancing/upgrading the information provided to users at the national and international levels.
The Bulletin covers the following categories of statistics:
- Deposits of monetary and financial institutions
- Loans from monetary and financial institutions
- Interest rates of monetary and financial institutions
- Investment funds statistics
- Quarterly financial accounts Economic and fiscal statistics
- External statistics
Statistical Bulletin October 2024
12/12/2024 - Combined Monetary policy decisions and statements
The Governing Council decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which the Governing Council steers the monetary policy stance – is based on its updated assessment of the inflation outlook, underlying inflation dynamics, and the strength of monetary policy transmission.
12/12/2024 - Macroeconomic projections for the euro area
ECB published the Eurosystem staff macroeconomic projections for the euro area in December 2024. The projections state that the euro area economy is set to continue its gradual recovery over the coming years amid significant geopolitical and policy uncertainty. Although growth resumed at a moderate pace in 2024, recent indicators suggest a weakening of growth in the short term, with ongoing subdued consumer confidence and high uncertainty likely to reinforce households’ saving incentives.
Read the macroeconomic projections
03/12/2024 - EBA amends the supervisory reporting framework for investment firms.
EBA published amendments to its final draft ITS on the supervisory reporting and disclosures of investment firms.
04/12/2024 - EBA proposes criteria to appoint a central contact point for crypto-asset service providers to strengthen the fight against money laundering and terrorism financing in host Member States.
EBA launched a public consultation on draft Regulatory Technical Standards (RTS) specifying the criteria according to which crypto-asset service providers (CASPs) should appoint a central contact point to ensure compliance with local anti-money laundering and countering the financing of terrorism (AML/CFT) obligations of the host Member State. This consultation runs until 4 February 2025.
09/12/2024 - EBA consults on draft technical standards that specify material changes and extensions to the Internal Ratings Based approach
EBA launched a public consultation on its draft Regulatory Technical Standards (RTS), clarifying and enhancing the conditions for assessing material model changes (MMC) and extensions following a review of the related Delegated Regulation. This review aimed to align the existing RTS with the amendments brought in by the Capital Requirements Regulation (CRR 3) and to introduce amendments to enhance the supervisory effectiveness of the approval process for model changes. The consultation runs until 10 March 2025.
EBA consultation on draft technical standards
10/12/2024 - ESAs provide Guidelines to facilitate consistency in the regulatory classification of crypto-assets by industry and supervisors
The three European Supervisory Authorities (EBA, EIOPA and ESMA - the ESAs) published joint Guidelines intended to facilitate consistency in the regulatory classification of crypto-assets under MiCAR. The Guidelines include a standardised test to promote a common approach to classification and templates market participants should use when communicating with supervisors the regulatory classification of a crypto-asset.
12/12/2024 - EBA assesses the potential benefits and challenges of tokenised deposits
EBA published a report to facilitate awareness of tokenised deposits and assess their potential benefits and challenges. The Report also aims to promote convergence in classifying tokenised deposits in contrast with electronic money tokens (EMTs) issued by credit institutions under the Markets in Crypto-Assets Regulation (MiCAR).
13/12/2024 - EU banks’ liquidity coverage ratio increased in June 2024, underpinned by growth in banks’ holdings of liquid assets
EBA published a Report on liquidity measures, which monitors and evaluates the liquidity coverage requirements currently in place in the EU. Between June 2023 and June 2024, EU banks’ liquidity coverage ratio (LCR) increased by 3 percentage points to reach 167%. Within that period, we observed changes in the composition of banks’ funding deposits while banks’ holdings of liquid assets steadily increased. EU banks’ average LCR in USD and in GBP improved during the period under review, to exceed 100% as of June 2024.
17/12/2024 - EBA publishes the final draft of technical standards on the conditions for determining whether an instrument attracting residual risk acts as a hedge
EBA published its final draft of Regulatory Technical Standards (RTS) on the conditions for determining whether an instrument attracting residual risk acts as a hedge. These RTS are part of the Phase 1 deliverables of the EBA roadmap on implementing the EU banking package in the area of market risk.
18/12/2024 - EBA provides further guidance on reporting requirements under the Markets in Crypto Assets Regulation.
EBA published its final Guidelines on reporting requirements under the Markets in Crypto-assets Regulation (MiCAR) to ensure that Competent Authorities receive sufficient comparable information to supervise compliance of issuers with MiCAR requirements and provide the EBA with the information necessary to conduct the significance assessment under MiCAR.
19/12/2024 - EBA releases the technical package for its 4.0 reporting framework
EBA published the final technical package for version 4.0 of its reporting framework, which will apply as of the first half of 2025. The package marks the transition to the new Data Point Model (DPM) semantic glossary and introduces the enhanced capabilities of the DPM 2.0 model.
Technical package - 4.0 reporting frameworks
17/12/2024 - ESMA releases last policy documents to get ready for MiCA
ESMA published the final package of reports containing regulatory technical standards and guidelines ahead of the full entry into the Markets in Crypto Assets Regulation (MiCA) application.
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