Updates


April
2021

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, today published its final report on the European Markets Infrastructure Regulations ("EMIR") and Securitised Financing Transactions Regulation ("SFTR") data quality.

April
2021

The amendment of Article 45, of the Cyprus VAT Law, comes into effect on the 1st of July 2021 and from that stems the imposition of monetary penalties for non-compliance with the reverse charge provisions.

April
2021

The Cyprus Securities and Exchange Commission ("CySEC") has recently carried out a review of the compliance of the Regulated Entities with the compliance function requirements("the Review") pursuant to Article 17(2) of the Law.

April
2021

The European Banking Authority ("EBA") published a consultation paper on draft regulatory technical standards ("RTS") on disclosure of investment policy by investment firms.

March
2021

The Cyprus Securities and Exchange Commission (the "CySEC") hereby draws the attention of the Cyprus Investment Firms (the "CIFs"), which intend to provide investment and/or ancillary services and/or perform investment activities in the territory of Czech Republic, to CNB’s regulatory rules regarding the persons that are allowed to provide such services.

March
2021

The Cyprus Securities and Exchange Commission (the "CySEC") hereby draws the attention of the Cyprus Investment Firms (the "CIFs"), which intend to appoint Tied Agents to offer their services in the territory of Portugal, to CMVM’s regulatory rules regarding the persons that are allowed to provide such services.

March
2021

We would like to inform you that the Minister of Finance has granted an extension to the deadline for submission of the 2019 Corporate Income Tax Returns (T.D.4 form), and of the personal Income Tax Returns of self-employed individuals with gross income that exceeds €70.000 and preparing audited financial statements (T.D.1 form), from 31 March 2021 to 30 September 2021.

March
2021

The Cyprus Securities and Exchange Commission (the "CySEC") wishes, with this circular, to inform the Regulated Entities that the European Securities and Markets Authority ("ESMA") published on February 1, 2021 an announcement regarding the 2021 Common Supervisory Approach ("CSA") on "MiFID II Product Governance rules".

March
2021

We would like to inform you that the Cyprus Parliament voted an amendment to the provisions of the Central Agency for Equal Distribution of Burdens (Creation, Objects, Responsibilities, and Other Related Matters) Law of 1989, with the introduction of a new 0,4% levy on the sale proceed of immovable properties located in the area that is currently under the control of the Republic of Cyprus.

March
2021

The Cyprus Securities and Exchange Commission ("CySEC") wishes to draw attention of issuers whose securities are admitted to trading on a regulated market of the Cyprus Stock Exchange or on other regulated market, to the Public Statement of the European Securities and Markets Authority ("ESMA") with reference number ESMA32-63-1041 and subject "European common enforcement priorities for 2020 annual financial reports".

March
2021

We would like to inform you that on the 26th of February 2021, the Tax Department announced that no administrative fines will be imposed for the overdue submission of DAC6 information that are submitted by 30th of June 2021.

March
2021

We would like to inform you that on the 3rd of February 2021, the Tax Department announced that the Directive of the Council of EU on mandatory disclosure and exchange of information on cross-border arrangements (DAC 6) is expected to be incorporated within the current month into the Cyprus legislation.

March
2021

We would like to inform you that on the 3 rd of February 2021, the Tax Department announced that the Directive of the Council of EU on mandatory disclosure and exchange of information on cross-border arrangements (DAC 6) is expected to be incorporated within the current month into the Cyprus legislation.

March
2021

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the issuers whose securities are admitted to trading on a regulated market of the Cyprus Stock Exchange or on other regulated market (the "issuers"), that the issuers whose home member state according to the Transparency Requirements (Securities admitted to trading on a regulated market) Law of 2007, as amended ("Transparency Law") is the Republic of Cyprus, may apply the requirement for preparation of their annual financial reports in accordance with ESEF for the financial years beginning on or after 1 January 2021.

February
2021

The European Banking Authority ("EBA") published its final draft Implementing Technical Standards ("ITS") on the disclosure of indicators of global systemically important institutions ("G-SIIs").

February
2021

The Cyprus Securities and Exchange Commission ("the CySEC") wishes with the present, which is issued pursuant to paragraph 37A of CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing ("the AML/CFT Directive"), to inform all interested parties; that due to the developments related to the Coronavirus disease 2019 (COVID-19) the deadlines for the submission to CySEC of the 1) Internal Auditor’s Annual Report, 2) AMLCO’s Annual Report and the 3) Form of the Monthly Prevention Statement provided in the AML/CFT Directive are extended.

February
2021

With the entry into force of the Investment Firms Regulation (EU) 2019/2033 ("IFR") and Investment Firms Directive (EU) 2019/2034 ("IFD") on 26 June 2021, all Cyprus Investment Firms ("CIFs") authorised under the Investment Services and Activities and Regulated Markets Law of 2017 will be subject to a new prudential regime, different and independent from the Regulation EU No. 575/2013 ("CRR") and Directive DI144-2014-14 which are applicable.

February
2021

The European Insurance and Occupational Pensions Authority ("EIOPA") published the second paper in a series of papers on the methodological principles of insurance stress testing.

January
2021

The Cyprus Securities and Exchange Commission (the “CySEC”) hereby draws the attention of the Cyprus Investment Firms (the “CIFs”) to the CNMV’s public statement, regarding certain bad practices in cross-border marketing of investment services by Investment Firms located in other EU countries (the “IFs”).

January
2021

We would like to inform you that on the 3 rd of December 2020, the House of Representatives has voted for an amendment of article 8(21) of the Income Tax Law.

January
2021

The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law’).

January
2021

The Commodity Futures Trading Commission ("CFTC") and the European Securities and Markets Authority ("ESMA") announced the signing of a new Memorandum of Understanding ("MOU") regarding cooperation and the exchange of information with respect to certain registered derivatives clearing organizations established in the United States that are central counterparties ("CCPs") recognized by ESMA under the European Market Infrastructure Regulation ("EMIR").

December
2020

The United Kingdom exits the European Union’s orbit on Thursday, turning its back on a tempestuous 48-year liaison with the European project for an uncertain Brexit future that will shape the fortunes of its people for generations to come.

December
2020

The European Banking Authority ("EBA") published an update to the reporting framework 3.0 and the Implementing Technical Standards ("ITS") on institutions’ Pillar 3 public disclosures

December
2020

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 November 5, 2020, the official translations in all EU official languages (including translation in the Greek language), of its Guidelines on performance fees in UCITS and certain types of AIFs ("Guidelines") with reference number ESMA34-39-992 EN.

December
2020

The Cyprus Securities and Exchange Commission ("CySEC"), wishes herein to inform Regulated Entities that redemption of UCITS and AIF units is suspended for the 24 December 2020.

December
2020

The Cyprus Securities and Exchange Commission ("CySEC"), wishes, herein to remind the Regulated Entities the main provisions of the Securitisation Regulation (EU) No. 2017/2402 (the "Regulation")

December
2020

Further to our direct taxation newsletter issue 17/2020, 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 November 2020 to 15 December 2020

November
2020

The Cyprus Securities and Exchange Commission ("CySEC") wishes herein to provide guidance to the Cyprus Investment Firms ("CIFs") on issues relating to crypto assets. This circular deals with the prudential treatment of crypto assets and financial instruments relating to crypto assets, as well as, how the risk management procedures of CIFs should be enhanced.

November
2020

We would like to inform you that the deadline for the payment of the second temporary tax instalment for the tax year 2020 is on 31st of December 2020.

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