Updates


June
2024

The European Banking Authority ("EBA") has been actively working on shaping the regulatory landscape for crypto assets by publishing three regulatory products on governance, conflicts of interest and remuneration under Markets in Crypto-Assets Regulation ("MiCAR").

June
2024

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, issued a statement providing initial guidance to firms using Artificial Intelligence technologies ("AI") when they provide investment services to retail clients.

May
2024

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, is launching a public consultation on proposed changes to the rules for position management controls and position reporting.

May
2024

Following the public statement of 14 December 2023, the European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the final report containing Guidelines on funds’ names using Environmental, Social, and Governance ("ESG") or sustainability-related terms.

May
2024

The European Securities and Markets Authority (''ESMA''), the EU’s financial markets regulator and supervisor, has published its latest edition of the Spotlight on Markets Newsletter.

May
2024

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

April
2024

EBA launched a public consultation on its draft Regulatory Technical Standards ("RTS") on the method for identifying the main risk driver and determining whether a transaction represents a long or a short position.

April
2024

The European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA") and European Securities and Markets Authority ("ESMA") - (''ESAs'')  launched a public consultation on the draft Regulatory Technical Standards (''RTS'') on the conduct of oversight activities in relation to the joint examination teams under the Digital Operational Resilience Act (''DORA'').

April
2024

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, is publishing the fourth edition of its Report on the Quality and Use of Data aiming to provide transparency on how the data collected under different regulations is used systematically by authorities in the EU, and clarifying the actions taken to ensure data quality.

April
2024

The European Banking Authority ("EBA") published its Q4 2023 quarterly Risk Dashboard ("RDB"), which discloses aggregated statistical information for the largest EU/EEA institutions.

April
2024

Every year on April 7th, World Health Day is observed worldwide, serving as an opportunity to raise awareness about pressing health issues and mobilize efforts to address them. As we celebrate World Health Day, World Health Organization (WHO) has chosen a theme that resonates deeply with the essence of its founding principles: "My Health, My Right. “This theme serves as a powerful reminder that health is not merely a privilege for a fortunate few, but a fundamental human right for all individuals, irrespective of their background, socioeconomic status, or geographical location.

April
2024

The European Securities and Markets Authority (''ESMA''), as the EU’s financial markets regulator and supervisor, issued a public statement on deprioritising supervisory actions linked to the clearing obligation for third-country pension scheme arrangements (the ''TC PSA''), pending the finalisation of the review of EMIR.

March
2024

The Cyprus Securities and Exchange Commission (“CySEC”) wishes herein to inform Regulated Entities that the redemption of Undertakings for Collective Investment in Transferable Securities ("UCITS") and Alternative Investment Funds ("AIF") units is suspended on 29 March and 1 April 2024.

March
2024

The European Banking Authority ("EBA") published the final draft Regulatory Technical Standards ("RTS") that set out the requirements, templates and procedures for handling complaints received by issuers of asset reference tokens ("ARTs").

March
2024

We would like to inform you that on the 23rd of December 2023, the Court of Justice of the European Union (“CJEU”) has issued a ruling in relation to the TP case (C-288/22) providing clarifications on the VAT treatment to be applied for the provision of directorship services in accordance with the interpretation of Articles 9 and 10 of the Council Directive 2006/112/EC (“EU VAT Directive”).

March
2024

The Financial Conduct Authority ("FCA") committed to investigate the use of personal guarantees by lenders to support loans to certain small businesses. The steps come in response to a super complaint from the Federation of Small Businesses ("FSB").

March
2024

The Financial Conduct Authority ("FCA") has published the findings of its wholesale data market study, which examined competition in the markets for credit ratings data, benchmarks and market data vendor services.

February
2024

The European Banking Authority ("EBA") launched a public consultation on two draft Implementing Technical Standards ("ITS") amending Pillar 3 disclosures and supervisory reporting requirements for operational risk.

March
2024

We would like to inform you that the Council of Ministers has issued a Decree granting an extension to the deadline for submission of the Corporate Income Tax Return (T.D.4 form) for the tax year 2022 for companies that, as per Section 33(10) of the Income Tax Law (Ν118(I)/2002) as amended, have related party transactions and have an obligation to file a Summary Information Table (SIT).

February
2024

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, issued a Public Statement providing market participants with clarity concerning their reporting requirements under Relevant Technical Standards 28 ("RTS28"), pending full application of the new rules under MiFID II.

February
2024

The European Banking Authority ("EBA") published a technical package for version 3.4 of its reporting framework.

February
2024

We would like to inform you that the Tax Commissioner, on 1 February 2024, confirms via a letter to interested parties, the intention to increase the threshold per category of transaction which will be subject to Local File documentation requirements.

February
2024

The European Banking Authority ("EBA") launched an industry survey to receive input from credit institutions on their methodologies to classify exposures to environmental, social and governance ("ESG") risks, as well as on the accessibility and availability of ESG data for this purpose.

February
2024

We would like to inform you that following the enactment of Council Directive (EU) 2021/514 (DAC7), operators of both EU and non-EU based digital platforms engaging in “Relevant Activities” have the obligation to collect and report certain information about the sellers that use their platforms.

January
2024

The European Banking Authority ("EBA") published its heatmap following scrutiny of the interest rate risk in the banking book ("IRRBB") standards implementation in the EU.

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.

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