Updates


January
2024

The three European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA") and ESMA – the ESAs) published the first set of final draft technical standards under the Digital Operational Resilience Act ("DORA") aimed at enhancing the digital operational resilience of the EU financial sector by strengthening financial entities’ Information and Communication Technology ("ICT") and third-party risk management and incident reporting frameworks.

January
2024

We would like to inform you that as per the Decree No. 416/2023 published in the official Gazette of the Republic, the public interest rate imposed on any overdue or refundable taxes has been increased from 2.25% per annum to 5.00% per annum. The new rate of 5.00% is applicable as from 1 January 2024.

January
2024

EBA published amendments to the reporting requirements for market risk. As the implementation of the Fundamental Review of the Trading Book ("FRTB") in the EU approaches, the EBA revised the information to be reported on the own funds requirements under the alternative approaches, and adds reporting on reclassifications of instrument between the regulatory books.

January
2024

We would like to inform you that the Cyprus Parliament approved an amendment to the Special Defence Contribution (“SDC”) Law reducing the SDC rate for passive interest earned by Cyprus tax residents (Individuals and Companies) from 30% to 17%.

January
2024

The European Insurance and Occupational Pensions Authority ("EIOPA") published the results of a Europe-wide comparative study on non-life underwriting risk in internal models.

December
2023

EBA and the European Securities and Markets Authority ("ESMA") published a Consultation Paper on two draft Joint Guidelines covering suitability assessment of members of the management body, and suitability of shareholders and members with qualifying holdings of issuers of asset-referenced tokens ("ARTs") and of crypto-asset service provider ("CASPs"). The guidance will provide clarity and harmonisation with respect to the criteria to assess the suitability of the management body, the shareholders and members with qualifying holdings, thus reducing the risk of arbitrage in the application of the rules.

December
2023

The Financial Conduct Authority ("FCA") has written to investment platforms and self-invested personal pension ("SIPP") operators setting out its concerns on the way they deal with any interest earned on customers’ cash balances. The amount of interest earned by some firms has increased as rates have risen.

December
2023

We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law (SDC) that apply on the 31st of December 2023, and for which there is a reporting deadline on 31st of January 2024.

December
2023

EBA published a Consultation Paper on draft regulatory technical standards ("RTS") specifying the requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens ("ARTs") under the Markets in Crypto-Assets Regulation ("MiCAR").

December
2023

We would like to inform you that on the 28th of November 2023, the Cyprus Tax Department (CTD) issued Circular 11/2023 (“the Circular”) providing clarifications in relation to the imposition of the 5% reduced VAT rate on the acquisition/construction of a private residence further to the recent amendment in the Cyprus VAT Law N95(I)/2000 (“the Law").

December
2023

EBA published its environmental statement in the context of the 2023 United Nations Climate Change Conference ("COP28").

November
2023

The European Banking Authority ("EBA") 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.

December
2023

We would like to inform you that the deadline for the payment of the second temporary tax installment for the tax year 2023 is due on 31st of December 2023.

November
2023

A review by the Financial Conduct Authority ("FCA") has found that while most Authorised Fund Managers ("AFMs") have made efforts to comply with the FCA’s expectations on the design, delivery, and disclosure of their Environmental, Social and Governance ("ESG") and sustainable funds, further improvement is needed.

November
2023

We would like to remind you that the submission deadline for the following Countryby-Country (‘’CbC’’) reporting obligations is on 31st December 2023.

November
2023

International Men's Day is a day dedicated to celebrating the contributions and achievements of men across the globe as well as a global awareness day for many issues that men face, including parental alienation, abuse, homelessness, suicide, and violence.

November
2023

The European Banking Authority ("EBA") launched three consultations on draft Regulatory Technical Standards ("RTS") to specify the liquidity requirements of the reserve of assets, the highly liquid financial instruments in the reserve of assets and the minimum content of the liquidity management policy and procedures of relevant issuers of tokens.

November
2023

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the new quarterly liquidity assessment of bonds, the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments under MiFID II and MiFIR.

October
2023

A change in legislation has brought cryptoasset promotions under our remit. From 8 October, we have been supervising firms against the new regime that is designed to give consumers the right information and risk warnings.

October
2023

We would like to inform you that the Cyprus Tax Department has issued a Circular providing the following guidance on the tax treatment of income generated from properties rented out through online platforms, such as Airbnb or Booking, or through other means.

October
2023

The EBA published the European Supervisory Examination Programme ("ESEP") for 2024, which identifies key topics for heightened supervisory attention across the European Union.

October
2023

The EBA published a Report on the role of environmental and social risks in the prudential framework of credit institutions and investment firms. Taking a risk-based approach, the Report assesses how the current prudential framework captures environmental and social risks.

October
2023

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, publishes a second consultation package under the Markets in Crypto-Assets Regulation ("MiCA"). Stakeholders are encouraged to provide their feedback to this consultation by 14 December 2023.

October
2023

The three European Supervisory Authorities (EBA, European Insurance and Occupational Pensions Authority ("EIOPA") and ESMA – the ESAs) have published an indicative overview of information and communication technology ("ICT") third-party providers ("TTP") as part of their preparations for the Digital Operational Resilience Act ("DORA").

September
2023

We would like to inform you that on the 21st of September 2023 the Cyprus Tax Department (“CTD”) issued an announcement regarding a new feature which has been implemented to the platform Tax For All (“TFA”).

September
2023

The three European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA") and European Securities and Markets Authority ("ESMA") - "ESAs") issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system.

October
2023

We would like to inform you that the Ministry of Finance has issued an announcement extending the deadline for the electronic submission of personal income tax returns (forms TD1) for employees and pensioners for the year 2022 from 2 October 2023 to 31 October 2023. The deadline for settlement of the relevant income tax liability for the year 2022 has also been extended to 31 October 2023.

September
2023

A unique agreement recently penned between K. Treppides & Co Ltd and the European Institute of Management and Finance (EIMF) offers full-time employment while covering all study costs associated with obtaining EIMF’s accredited Diploma in “Accounting and Financial Management”.

September
2023

The financial markets regulatory authority; i.e. the Cyprus Securities and Exchange Commission (CySEC and/or the Commission) made an extraordinary effort to discipline the market in Cyprus, especially the CFD providers. The European Securities and Markets Authority (ESMA) and a number of national competent authorities of Member States have expressed their concerns about the Cypriot CFD providers’ practices adopted. Responding to the relevant concerns raised and for restoring the reputation of the Cypriot financial market, CySEC took a number of preventing and remedial measures to address the challenges faced, including the enhancement of its supervisory activities.

September
2023

The European Banking Authority ("EBA") issued a revised list of validation rules in its Implementing Technical Standards ("ITS") on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems.

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