Updates

The three European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA") and European Securities and Markets Authority ("ESMA") - "ESAs") have issued a Consultation Paper.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to draw the attention to Issuers whose securities are admitted to trading on the Cyprus Stock Exchange or on other regulated markets.

The Cyprus Securities and Exchange Commission (the "CySEC")wishes herein to draw the attention of the Cyprus Investment Firms (the “CIFs”) to the ESMA, clarifying the application of MiFID II/MiFIR requirements.

The Cyprus Securities and Exchange Commission (the "CySEC") would like to inform Issuers regarding the Public Statement of actions to mitigate the impact of COVID-19 pandemic on the EU financial markets- postponement of the reporting obligations.

Corporate Social Responsibility and Corporates’ response to COVID19, by Costas Loizou.

We would like to inform you that the Minister of Finance has granted an extension to the deadline for submission of the corporate income tax returns (forms TD4) and of the personal income tax returns (forms TD1) of individuals preparing audited financial statements for the year 2018, from 31 March 2020 to 1 June 2020.

In an effort to reduce the economic consequences of the recent outbreak of COVID-19, the Cyprus Parliament has voted the following tax and VAT related measures in order to support businesses and improve liquidity.

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

The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law of 2009, as amended ("the CySEC Law").

The Cyprus Securities and Exchange Commission (the “CySEC”) wishes, with this Circular to inform the Cyprus Stock Exchange ("CSE") that it is actively following the developments related to the coronavirus disease 2019 ("COVID-19") and the impact that it may impose to its operations.

The European Banking Authority ("EBA") launched a consultation to update the identification methodology of global systemically relevant institutions ("G-SIIs") and related capital buffer rates.

The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law of 2009, as amended (‘the CySEC Law’).

The European Insurance and Occupational Pensions Authority ("EIOPA") launched the public consultation on implementing technical standards for supervisory reporting and cooperation as mandated by the Pan-European Personal Pension Product ("PEPP") Regulation. 

The European Insurance and Occupational Pensions Authority ("EIOPA") has published its supervisory convergence plan for 2020. 

Football and Money Laundering by Alexis Dalitis

We would like to bring to your attention that the United Kingdom (UK) as from 01/02/2020, has left the European Union (EU) under an agreement which provides for a transitional period as from 01/02/2020 up to 31/12/2020.

The European Banking Authority ("EBA") issued a public consultation on revised money laundering and terrorist financing ("ML/TF") risk factors Guidelines as part of a broader communication on AML/CFT issues.

With the present Circular, the CySEC wishes to inform the above Regulated Entities ("the Fund Managers") about the Funds Digital Record.

The European Banking Authority ("EBA") launched a public consultation on possible future changes to the EU-wide stress test.

The European Banking Authority ("EBA") launched a consultation on draft Regulatory Technical Standards ("RTS") on how institutions should calculate the own funds requirements for market risk for their non-trading book positions that are subject to foreign-exchange risk or commodity risk under the FRTB standardised and internal model approaches.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to herein remind the Regulated Entities of the requirements under the Regulation (EU) 2015/2365.

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

Increase of the personal income tax deduction for life and medical insurance premiums, social insurance, pension and provident fund and GHS contributions.

The European Securities and Markets Authority ("ESMA") has announced that it has extended the recognition decisions for the three central counterparties ("CCPs") established in the United Kingdom ("UK").

We would like to inform you that as per the Decree No. 422/2019 published on the official Gazette of the Republic, the public interest rate imposed on any overdue or refundable taxes has been decreased from 2% per annum to 1.75% per annum.

The European Securities and Markets Authority ("ESMA") has published its findings on potential undue short-term pressures in securities markets. 

The European Insurance and Occupational Pension Authority ("EIOPA") launched a consultation on guidelines on Information and Communication Technology ("ICT") security and governance. 

The European Supervisory Authorities ("ESAs") published joint draft Regulatory Technical Standards ("RTS") to amend the Delegated Regulation on the risk mitigation techniques for non-cleared OTC derivatives ("bilateral margining") as well as a joint statement on the introduction of fallbacks in OTC derivative contracts and the requirement to exchange collateral.

Family offices and Succession Planning for the Next Generation, by Andreas Vladimirou

The European Banking Authority ("EBA") published its final Guidelines on information and communication technology ("ICT") and security risk management.