Updates


September
2021

If you do a quick search on the internet on how many people have become “Bitcoin Millionaires” you will be inundated with stories of young individuals who invested their pennies some years ago and have now struck it rich. Currently there are over 100,000 accounts that hold US1,000,000 or more in Bitcoin.

September
2021

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their second joint risk assessment report for 2021.

September
2021
The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform the Regulated Entities that the European Securities and Markets Authority (the ‘ESMA’) has issued updated Guidelines.
August
2021

The European Banking Authority (EBA) published its peer review on the prudential assessment of qualifying holdings, aiming at assessing competent authorities’ application of the Joint ESAs Guidelines on the prudential assessment of the acquisition of qualifying holdings.

August
2021

The European Banking Authority (EBA) published 12 indicators and updated the underlying data from the 31 largest institutions in the EU.

August
2021

Following Circulars C276 and C219, the Cyprus Securities and Exchange Commission ("CySEC") with the present Circular wishes to inform the Regulated Entities of the Revised EBA Guidelines on customer.

August
2021

We would like to inform you that the Ministry of Finance has granted an extension to the deadline for the payment of the final tax liability, as per submitted tax return for the tax year 2020, from 1 August 2021 to 30 September 2021.

August
2021

The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes with this Circular to inform Regulated Entities of the following: 

August
2021

The European Banking Authority (EBA) published clarifications to a sixth set of issues that had been raised by participants of its Working Group (WG) on Application Programming Interfaces (APIs) under the Payment Services Directive (PSD2).

July
2021

We would like to inform you that the Cyprus Tax Department (“CTD”) has announced that the 2020 personal Income Tax Return (T.D.1 form), for employees and selfemployed individuals with no obligation to prepare audited accounts, is now available for submission through TaxisNet system.

July
2021

The European Banking Authority (EBA) publishes a Discussion Paper aiming at gathering some preliminary input on how to standardise the proportionality assessment methodology for credit institutions and investment firms. 

July
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").

July
2021

The European Banking Authority (EBA) published phase 2 of its 3.1 reporting framework. 

July
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"). 

June
2021

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’).

June
2021

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Annual Report.

June
2021

We would like to inform you that on 1 June 2021, Cyprus and the Netherlands have signed a Double Tax Treaty (DTT) (ratified by Cyprus on 4 June 2021), which is the first of its kind between the two countries.

June
2021

We would like to inform you that on the 17th of May 2021, the Tax Department has issued an Implementing Guideline (15/2021) which provides useful clarifications in relation to the tax treatment of the impact on the financial statements from the application of IFRS 9, IFRS 15 and IFRS 16 for the purposes of the calculation of Income Tax as well as the Deemed Dividend Distribution (DDD) that is subject to Special Defence Contribution (SDC).

June
2021

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – “ESAs”) published two amended Implementing Technical Standards (“ITS”) on the mapping of credit assessments of External Credit Assessment Institutions (“ECAIs”).

June
2021

We would like to bring to your attention that the deadline for the first temporary tax installment for the tax year 2021 is approaching.

June
2021

We would like to inform you that on the 4th of June 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 September 2021 (previously 30th of June 2021).

June
2021

The European Banking Authority ("EBA") published an Opinion following the notification by the French macroprudential authority, the Haut Conseil de Stabilité Financière, of its intention to extend for a second time a measure introduced in 2018 to safeguard the resilience of systemic institutions from excessive risk-taking and to prevent the build-up of future vulnerabilities.

June
2021

The European Banking Authority ("EBA") launched a public consultation on its new Guidelines that set out how prudential supervisors, AML/CFT supervisors and financial intelligence units ("FIUs") should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive ("CRD").

May
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").

May
2021

We would like to inform you that last February the ECOFIN Council updated the EU list of third country non-cooperative jurisdictions for tax purposes (the so-called EU ‘blacklist’) and is effective as from 26 February 2021.

May
2021

As from the 1st of July 2021, several amendments to the existing European Union (EU) VAT legislation (the new Law) will start to apply affecting the VAT rules applicable to cross-border business-to-consumer (B2C) e-commerce activities.

May
2021

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 to inform the Administrative Service Providers ("the ASPs") about the Risk Based Supervision Framework and the electronic submission of information fir the year 2020.

May
2021

The Ministry of Finance has issued an announcement that it intends to immediately submit a bill in the House of Representatives, with the purpose to assist businesses that have been affected by the COVID-19 pandemic.

May
2021

The European Banking Authority ("EBA") launched a public consultation on draft Regulatory Technical Standards ("RTS") on a central database on anti-money laundering and countering the financing of terrorism ("AML/CFT") in the EU.

May
2021

We would like to inform you that an amendment to the law that regulates the settlement of overdue taxes in relation to tax liabilities for the years 2016 up to 2019, has been published in the Official Gazette on the 29th of April 2021.

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