Updates

The European Securities and Markets Authority ("ESMA") has issued the official translations of its Guidelines on position calculation by Trade Repositories under EMIR.

We would like to bring to your attention that the Cyprus Tax Department (CTD) has issued on 22 March 2019 the Common Circular Number 4 (hereafter “the Circular”), announcing the reactivation of the pleasure yacht leasing arrangement that was previously put on hold as from 25 April 2018.

The Prudential Regulation Authority ("PRA"), Financial Conduct Authority ("FCA") and European Banking Authority ("EBA") announced that they have agreed a template Memorandum of Understanding ("MoU").

Cryptocurrencies/Digital Assets and Regulation by Alexis Dalitis, Senior Manager of K. Treppides & Co Ltd.

The European Banking Authority ("EBA") published its annual Report on the convergence of supervisory practices in the EU.

"Funds and Fund Managers: Cyprus one possible Jurisdiction", presented by George Nicolaou- Senior Manager of K. Treppides & Co Ltd, on 28 March 2019 at Londa Hotel Limassol Cyprus.  

Cyprus in the new International Tax Reality, interview by Marios Cosma, Managing Partner of K. Treppides & Co Ltd. 

The European Banking Authority ("EBA") published its final Guidelines specifying how institutions should quantify the estimation of loss given default ("LGD") for conditions of an economic downturn.

K. Treppides & Co Ltd is organizing a half-day training with subject "International Corporate and Tax Updates" on Thursday, 21 March 2019 from 14:30- 18:00, at Ararat Park Hyatt in Moscow.

The Financial Conduct Authority ("FCA"), has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period.

The Importance of Risk Management in the Current Business Environment by Savvas Rigas, Partner of K. Treppides & Co Ltd.

The Financial Conduct Authority ("FCA") has announced the appointment of Wanda Goldwag as the new chair of the independent Financial Services Consumer Panel.

Domestically, the Bank co-operates with both the Financial Conduct Authority ("FCA") and Payment Systems Regulator ("PSR") in relation to supervising financial market infrastructure ("FMI") and payment systems respectively. 

On 5 December 2017, the Council of European Union adopted several changes regarding the place of supply rules for telecommunications, broadcasting and electronically supplied services as well as to the Mini One Stop Shop (MOSS) scheme which can be used to declare and pay VAT in a Member State on supplies of these services to non-taxable persons.

The European Banking Authority ("EBA") welcomed the National Bank of Moldova as an additional signatory party to the Memorandum of Cooperation ("MOC") with banking supervisory authorities in several South-Eastern European ("SEE") countries.

The European Banking Authority ("EBA") updated the 2018 list of closely correlated currencies that was originally published in December 2013.

The secret for a successful business reorganization by Linos Zambas, Senior Manager of K. Treppides & Co Ltd. 

We would like to inform you that the Tax Department of the Ministry of Finance, has posted on their website an Information Leaflet on Benefits in Kind providing guidance on benefits in kind, when do they arise, how the benefit is calculated and what are the obligations of employers and employees in respect of such benefits. You can find an unofficial English translation in our website.

We would like to bring to your attention that as from 1 January 2019 suppliers of E-services established outside the Russian Federation (“foreign service providers”), that offer such services to persons in business (B2B) located in Russia will have an obligation to register for and collect VAT on the value of the services provided and pay the VAT on those services to the Federal Tax Service.  

The euro area bank lending survey ("BLS") provides information on bank lending conditions in the euro area.

The European Banking Authority ("EBA") published its final Guidelines regarding the types of exposures to be associated with high risk under the Capital Requirements Regulation ("CRR").

"Personal Income Tax: Benefits in Kind and the New National Health Scheme" External training presented by Savvia Stavrou, Tax Director of K. Treppides & Co Ltd. 

The Financial Conduct Authority ("FCA"), has published two further consultations to prepare for the UK's exit from the EU.

The Cyprus Securities and Exchange Commission ("the CySEC") published the review in accordance with the quality of data reported to Trade Repositories, under Article 9(1) of EMIR by Cyprus Investment Firms ("CIFs'). 

We would like to inform you that as per the Decree No. 376/2018 published on the official Gazette of the Republic, the public interest rate imposed on any overdue or refundable taxes has been decreased from 3.5% per annum to 2% per annum.

The European Banking Authority ("EBA") published a response to a letter it had received from a law firm regarding the case of a reclassification by an institution of some specific grandfathered own funds instruments.

The European Banking Authority ("EBA") published some initial observations on the post-implementation impact of IFRS 9 on EU banks.

Treppides Group presence in Malta grants exceptional expertise in Blockchain Technology by Cosmas Cosma, Principal.

Savvas Rigas, Partner of K. Treppides & Co, presented the Cypriot Payment Institutions and Electronic Money Institutions.

The European Insurance and Occupational Pensions Authority ("EIOPA") published the report on the Evaluation of the Structure of Insurance Intermediaries Markets in Europe in accordance with Article 41(5) of the Insurance Distribution Directive ("IDD").