Updates

Further to our Newsletter Issue 06/2016, we would like to inform you that the House of Representatives has voted the Implementing Regulations in relation to the new Cyprus Intellectual Property (IP) Regime.

We would like to bring to your attention that certain amendments have been published in the official Gazette of the Republic of Cyprus on 27 October 2016 in relation to the introduction of the new Cyprus Intellectual Property (IP) Regime in accordance with the recent international developments and recommendations of BEPS Action 5 of the OECD.

BCBS has issued the 11th progress report on adoption of the Basel regulatory framework.

The European Securities and Market Authority ("ESMA") has published a public statement on issues for consideration in implementing International Financial Reporting Standard ("IFRS") 9 (Financial Instruments).

The European Banking Authority ("EBA") published its final Guidelines on the collection of information related to the internal capital adequacy assessment process ("ICAAP") and the internal liquidity adequacy assessment process ("ILAAP").

The Institute of Internal Auditors ("IIA") has published its revised Internal Audit Standards.

The Basel Committee on Banking Supervision ("BCBS") has issued the 11th progress report on adoption of the Basel regulatory framework.

We would like to bring to your attention that following the adoption of the "Anti - Tax Avoidance Directive" by the European Council on 12 July 2016, certain measures are to be incorporated in the national legislation of each Member State.

CySEC wishes to inform all interested parties, that it decided to suspend the "fast track" examination scheme for the examination of applications for authorisation.

K. Treppides & Co Ltd is pleased to announce the appointment of Mr. George P. Nicolaou as a Senior Manager of the Company, with effect as of 1 October 2016.

The European Banking Authority ("EBA") launched a consultation on its draft guidelines on the assessment of the Information and Communication Technology ("ICT") risk in the context of the Supervisory Review and Evaluation Process ("SREP").

CySEC announced a series of seminars for Continuous Professional Development for the period October to December 2016.

The Basel Committee on Banking Supervision ("BCBS") published reports assessing the implementation of the Basel risk-based capital framework and the Liquidity Coverage Ratio ("LCR") for Argentina and Korea.

The European Banking Authority ("EBA") and Basel Committee on Banking Supervision ("BCBS") published their results on the latest examination of the Basel III/CRR-CRDIV monitoring exercise. 

We would like to bring to your attention that Cyprus Tax Department issued an announcement informing that it is expected soon the House of Representatives to vote a legislation imposing an obligation to legal persons which are registered for VAT purposes in Cyprus, to submit their VAT returns (form V.A.T. 4) electronically through the TAXISnet system.

The Joint Committeee of the European Supervisory Authorities ("ESAs") published its September 2016 Report on Risks and Vulnerabilities in the EU Financial System. 

The MOSS system is applicable across all EU Member States and enables businesses to remain registered only in their Member State of identification instead of registering for VAT to all Member States in which the private customers are located.

The International Monetary Fund ("IMF"), Financial Stability Board ("FSB") and Bank for International Settlements ("BIS") released a new publication on Elements of Effective Macroprudential Policies.

BIS is investigating the importance of the housing based collateral lending channel on firm borrowing, investment and employment, focusing on small firms in France, Italy, Spain, and the United Kingdom.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the Cyprus Investment Firms ("CIFs") that the procedure for the submission of supporting documentation for CRD forms has changed.

The Financial Services and Markets Authority ("FSMA")  would like to  draw your attention to the Regulation with regards to the distribution of Over the Counter ("OTC") Derivatives in the territory of Belgium. 

We would like to remind you that the Temporary Tax Assessment for the tax year 2016 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is performed in a timely manner.

The European Banking Authority ("EBA") published the results of the EU wide stress of 51 banks from 15 EU and EEA countries covering around 70% of banking assets in each jurisdiction and across the EU.

The Cyprus Securities and Exchange Commission (CySEC) has issued Circular C152 in order to inform all Regulated Entities that during 2015 and 2016, several inspections were performed to assess the compliance of the Regulated Entities in relation to the Prevention and Suspension of Money Laundering and Terrorist Financing Law of 2007-2016. 

CySEC has issued the Circular C148 which reminds issuers and persons responsible for drawing up prospectuses that the European Securities and Market Authority ("ESMA") Guidelines on Alternative Performance Measures ("APM") that comes into force on 3 July 2016.

The Cyprus Securities and Exchange Commission ("CySEC") commenced its Web Portal through which the Regulated Entities can submit digitally signed documents/forms/letters to the Commission.

The European Banking Authority ("EBA") published a report on governance arrangements and indicators in recovery plans.

The Cyprus Securities and Exchange Commission ("CySEC") in the context of establishing effective arrangements and procedures for consultation with market participants, has circulated this Paper for consultation in relation to the selection, use and monitoring of liquidity providers/market makers. 

We would like to bring to your attention that the Temporary Tax Assessment for the tax year 2016 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is performed in a timely manner.

The European Banking Authority ("EBA") has published its fifth annual Customer Trends Report, which provides an overview of the trends observed in 2016.