Updates

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.

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.