Updates

On 24 June 2019, the Chairmen of the US Securities and Exchange Commission and the US Commodity Futures Trading Commission, along with the Chief Executive of the Financial Conduct Authority ("FCA"), released a joint statement on opportunistic strategies in the credit derivatives markets.

The European Central Bank ("ECB") delved deep into its tool box, cutting its deposit interest rate further into negative territory, launching a new round of monthly bond purchases and taking other steps to stimulate a flagging eurozone economy.

The European Securities and Markets Authority ("ESMA"), the EU's securities markets' regulator, has developed a framework to be used for stress simulations for the investment fund sector.

The EBA published its annual update on EU banks' funding plans and asset encumbrance, which helps EU supervisors assess the sustainability of banks' main sources of funding.

The European Banking Authority ("EBA") published a new release of the reporting framework 2.9, which includes the validation rules, the DPM data dictionary and XBRL taxonomies.

President Donald Trump bowed to pressure from U.S. businesses and concerns over the economic fallout of his trade war with China.

The European Banking Authority ("EBA") published an opinion on the implementation of the Deposit Guarantee Schemes Directive ("DGSD") in the EU.

The European Banking Authority ("EBA") launched a public consultation on draft Guidelines ("GLs") on the determination of the weighted average maturity ("WAM") of the contractual payments due under the tranche, as per the Capital Requirements Regulation ("CRR") Article 257(1) (a). 

The European Banking Authority ("EBA") published an updated list of Common Equity Tier 1 ("CET1") instruments of EU institutions.

The European Banking Authority ("EBA") published the findings of its analysis on the regulatory framework applicable to FinTech firms when accessing the market. 

We would like to inform you that on 26 June 2019 an amendment to the Special Defence Contribution (SDC) law was published in the Cyprus Gazette.

The EBA welcomed publication by the European Court of Auditors ("ECA") of a special Report on the EU-wide stress test titled "EU-wide stress tests for banks: unparalleled amount of information on banks provided but greater coordination and focus on risks needed".

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 European Banking Authority ("EBA") launched  a consultation on its draft Guidelines on loan origination and monitoring.

"The Joint Committee of the three European Supervisory Authorities (EBA, the European Insurance and Occupational Pensions Authority ("EIOPA") and ESMA - ESAs) launched a public consultation to amend the implementing regulations on the mapping of credit assessments of External Credit Assessment Institutions ("ECAIs") for credit risk.

The European Insurance and Occupational Pensions Authority ("EIOPA") published technical information on the relevant risk free interest rate term structures ("RFR") with reference to the end of May 2019.

The European Banking Authority ("EBA") published amendments to the Implementing Technical Standards ("ITS") on supervisory reporting. 

The European Banking Authority ("EBA") published its Opinion addressed to the European Commission.

The EUR risk-free rates working group published consultation paper on the "EIONIA to EURSTR legal action plan".

We would like to inform you that your Global Regulation partner, K. Treppides & Co Ltd, is participating in the iFXEXPO International 2019 and we would be delighted to welcome you at our booth #92.

Income Tax Law Amendments, by Petros Loizou, Senior Manager of K. Treppides & Co Ltd.

The Cyprus Securities and Exchange Commission ("CySEC"), wishes to inform the regulated entities. according to the National Risk Assessment ("NRA"). 

The European Banking Authority ("EBA") launched a consultation on four draft Regulatory Technical Standards ("RTS") on the Standardised Approach for Counterparty Credit Risk ("SA-CCR"). 

The European Banking Authority ("EBA") published an Opinion on the nature of passport notifications of payment institutions ("PIs") and electronic money institutions ("EMIs") using agents and distributors located in another Member State.

We would like to bring to your attention that the Cyprus Tax Department (CTD) has issued an announcement providing clarifications in relation to the recent developments on the withdrawal of the United Kingdom (UK) from the European Union (EU).

The Financial Conduct Authority ("FCA") has published its Business Plan for 2019/20, which outlines the key priorities for the coming year.

The Circular C309 is issued pursuant to section 25(1)(c)(ii) &(iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law"). 

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

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.