The Cyprus Securities and Exchange Commission ("CySEC") whishes to inform about the information to be submitted on the basis of the European Supervisory Authorities ("ESAs") Joint Guidelines on Cooperation and Information Exchange between the Supervisory Authorities of Credit and Financial Institutions - (the ‘’AML / CFT Colleges Guidelines”).
The Cyprus Securities and Exchange Commission ("CySEC") has proceeded (through on-site inspections) to evaluate the policies/procedures established and implemented by AIFMs regarding their compliance with some operational aspects relating to the organisational requirements and the delegation of functions ("the Inspections").
The European Banking Authority ("EBA") published its final draft Regulatory Technical Standards ("RTS") specifying the prudential treatment of software assets.
The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has updated its public register with the latest set of double volume cap ("DVC") data under the Markets in Financial Instruments Directive ("MiFID II"). For more information please press here.
The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law’").
We would like to inform you that on the 20 August 2020, the legislations N.121(I)/2020 and N.122(I)/2020 (“New Law”) amending the Cyprus VAT Law N95 (I)/2000 (hereafter “the Law”) were published in the Official Gazette of the Government.
The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the Regulated Entities regarding the new version of the form of the quarterly statistics for the Management Companies and SelfManaged Funds.
The Cyprus Securities and Exchange Commission ("CySEC") wishes, with this circular, to inform the Regulated Entities, that the European Securities and Markets Authority ("ESMA") issued on July 16, 2020, the official translations in all EU official languages (including translation in the Greek language), of its Guidelines on Liquidity Stress Testing ("LST") in UCITS and AIFs ("the Guidelines") with reference number ESMA34-39-897 EN.
The European Securities and Markets Authority ("ESMA"), the EU securities markets regulator, publishes its second Trends, Risks and Vulnerabilities ("TRV") Report of 2020. A webinar open to the public will be held on 9 September to present the report.
The European Securities and Markets Authority ("ESMA"), the EU securities markets regulator, confirms that the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation ("MMFR") will be updated in 2020 to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis.
The European Banking Authority ("EBA") published 12 indicators and updated the underlying data from the 37 largest institutions in the EU, whose leverage ratio exposure measure exceeds EUR 200 billion.
Due to COVID-19 outbreak, European Insurance and Occupational Pensions Authority ("EIOPA") is carrying out extraordinary calculations every two weeks to monitor the evolution of the relevant risk-free interest rate term structures ("RFR") and the symmetric adjustment to equity risk ("ED"A).
The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has published twelve opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation ("MiFID II/MIFIR").
Following Circular C373 issued on March 31, 2020, with regards to the reporting/notification deadlines amid the impact of COVID-19, CySEC wishes to inform CIFs that the deadline regarding the submission of the COREP forms based on the audited financial statementsis further extended until 31 August 2020.
Following Circular C211 on the "Expansion of CySEC Portal to include CIF Record Content", which requires CIFs to submit to the Cyprus Securities and Exchange Commission ("CySEC"), via the CIF Record, data relevant to their services and/or activities, CySEC wishes herein, to remind CIFs on the implementation of the CIF Record and to inform them on the actions that should further be taken with regards to this matter.
The Cyprus Securities and Exchange Commission ("CySEC"), wishes with this Circular, to inform the Regulated Entities regarding the Covid19- related Money Laundering and Terrorist Financing Risks and the Policy responses of FATF.
Further to our direct taxation newsletter issue 06/2020, we would like to inform you that the Minister of Finance has granted an additional extension to the deadline for submission of the Income Tax Returns (T.D.1) and payment of final tax for the tax year 2019, from 30 October 2020 to 30 November 2020.
We would like to inform you that the Cyprus Tax Department (“CTD”) has announced that the 2019 personal Income tax Return (T.D.1 form), for employees and self-employed individuals with no requirement to prepare audited financial statements, is now available for submission through TaxisNet system.
In August 2020, Cyprus and Russia concluded the negotiations of a new protocol to amend the existing provisions of the Cyprus – Russia Double Tax Treaty (DTT). The new Protocol was signed on 8 September 2020 in Nicosia and has been published in the Government Gazette on 11 September 2020.
The Cyprus Parliament has proceeded with the amendment of a number of provisions in the Assessment and Collection of Taxes Law 4/78. The amendments have been published in the Government Gazette on the 20 August 2020 and relevant circular has been issued by the Cyprus Tax Department on 28 August 2020.
We would like to inform you that the following amendments in the Income Tax Law which concern the tax treatment of intangible assets (other than intangible assets which benefit from the transitional provisions of the old Cyprus IP Regime) have been published in the Government Gazette, with effect as from 1 January 2020.
Following the amendment of the relevant EU Directive allowing EU Members an option to defer the time limits for the filing and reporting of cross-border arrangements under DAC6, the Cyprus Tax Department announced a six month deferral in reporting.
We would like to inform you that the Cyprus Parliament has voted into law the following anti-tax avoidance measures under the European Union (EU) Anti-Tax Avoidance Directive (ATAD).
Further to our Newsletter issue 02/2020, we would like to inform you that the House of Representatives has voted an additional extension to the deadline for the settlement of overdue taxes law.
The Cyprus Securities and Exchange Commission ("CySEC") has carried out a review of the circumstances that are considered by Cyprus Investment Firms (the "CIFs") when applying inactivity fees to clients ("the Review") to ensure compliance with the provisions of Article 25(1) of the Investment Services and Activities and Regulated Markets Law ("the Law").
The European Banking Authority ("EBA") published its final Guidelines on the treatment of structural FX positions.
We would like to bring to your attention that the deadline for the first temporary tax installment for the tax year 2020 is approaching.
The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law").
We would like to inform you that on the 23 June 2020 it was published in the Official Gazette of the Government the decree K.D.P 268/2020 issued by the Council of Ministers.