Updates

According to the European Central Bank ("ECB’s") assessment, Bulgaria is within the reference values of the convergence criteria and complies with the legal requirements.

We would like to inform you about the amendments to the Cyprus Companies Law through which the Directive (EU) 2021/2101 requiring the public disclosure of income tax information of certain multinational enterprises (“MNEs”) has been transposed into national law. 

The European Banking Authority ("EBA")  published the final technical package for version 4.1 of its reporting framework.

The European Banking Authority ("EBA") published an onboarding plan for large and other institutions, setting out the steps required for accessing and submitting information to the new Pillar 3 Data Hub ("P3DH") – the EBA’s centralised platform for public disclosures under the Capital Requirements Regulation ("CRR3").

The EBA updated the list of other systemically important institutions ("O-SIIs") in the EU, which, together with global systemically important institutions ("G-SIIs"), are identified as systemically important by the relevant authorities according to harmonised criteria laid down in the EBA Guidelines.

We would like to inform you that the personal Income Tax Return (T.D.1 form) for the year 2024 is now available for submission through the TAXISnet system.

We would like to inform you that the Cyprus Tax Department (CTD) has announced that no penalties will be imposed if the submission of the following tax returns is made by 30/06/2025:

The EBA published its updated final draft implementing technical standards ("ITS") on resolution planning reporting.

The European Banking Authority ("EBA") launched a public consultation on its draft amending Regulatory Technical Standards ("RTS") on the types of factors to be considered by national authorities in assessing the appropriateness of real estate risk weights.

From 30 April 2025, we'll stop issuing and publishing portfolio letters. Instead, we'll publish a small number of market reports.

The EBA published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide.

The more streamlined and proportionate regime will make it easier for firms to operate globally, while encouraging effective risk management.

Compared with January 2025 it was identified that the median consumer perceptions of inflation over the previous 12 months decreased, while median inflation expectations for the next 12 months and for three years ahead remained unchanged.

The European Banking Authority ("EBA") published the 9th edition of its biennial Consumer Trends Report for 2024/25.

The EBA published its Q4 2024 Risk Dashboard ("RDB"), which discloses aggregated statistical information for the largest EU/EEA institutions, including data on various indicators such as return on equity, net interest margin, CET1 ratio, and more.

The EBA issued a revised list of validation rules in its Implementing Technical Standards ("ITS") on supervisory reporting.

The European Banking Authority ("EBA") launched a public consultation on four draft Regulatory Technical Standards ("RTS") that will be part of the EBA’s response to the European Commission’s Call for Advice.

The European Banking Authority ("EBA") launched a consultation to amend the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2026 exercise.

The use of digital wallets has rapidly grown in recent years with the proportion of card transactions using a digital wallet increasing significantly from 8% in 2019 to 29% in 2023.

The European Banking Authority ("EBA") published its final draft Implementing Technical Standards ("ITS") on the Pillar 3 data hub for large and other institutions, which will centralise prudential disclosures by institutions through a single electronic access point on the EBA website.

The European Banking Authority ("EBA") published an Opinion on the amendments proposed by the European Commission ("EC") to the EBA draft Regulatory Technical Standards ("RTS") on conflicts of interests for issuers of asset-referenced tokens.

The Financial Conduct Authority ("FCA") has set out proposals to make it easier for listed companies to issue corporate bonds that wealth managers and retail investors can buy.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, the European Commission ("EC") and the European Central bank ("ECB") launched a new governance structure to support the transition to the T+1 (one business day framework) settlement cycle in the European Union.

The EBA today repealed its Guidelines on major incidents reporting under the Payment Services Directive ("PSD2") due to the application of harmonised incident reporting under the Digital Operational Resilience Act ("DORA") from 17 January 2025.

The European Banking Authority ("EBA") today published its final Guidelines on the management of Environmental, Social and Governance ("ESG") risks.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, is launching the first selection procedure for the Consolidated Tape Provider ("CTP") for bonds.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, published a Feedback Statement summarising the responses it received to its Consultation Paper ("CP") on the securitisation disclosure templates under the Securitisation Regulation ("SECR").

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has launched a consultation on draft Guidelines related to the Internal Control Framework for some of its supervised entities.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published a consultation paper on draft regulatory technical standards on open-ended loan originating Alternative Investment Funds ("AIFs") under the revised Alternative Investment Fund Managers Directive ("AIFMD").

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 2024, and for which there is a reporting deadline on 31st of January 2025.