Updates


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.

April
2021

The Cyprus Securities and Exchange Commission (the "CySEC") wishes with this Circular, to inform the Cyprus Investment Firms ("CIFs"), that due to the ongoing developments related to the Coronavirus outbreak ("COVID-19") and in an effort to ensure operational continuity, the deadlines for a submission to CySEC of certain reports/notification are extended.

April
2021

We would like to inform you that, after taking into consideration the prolonged restrictive measures imposed by the Government and the adverse economic conditions caused by COVID-19, the following deadlines have been amended.

April
2021

The Cyprus Securities and Exchange Commission (the "CySEC") wishes to inform the persons responsible for the prospectus and the financial market participants, that it has adopted the European Securities and Markets Authority ("ESMA") guidelines on disclosure requirements under the Prospectus Regulation [Regulation (EU) 2017/1129 of the European Parliament and of the Council, of 14 June 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC "Regulation (EU) 2017/1129")].

April
2021

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, today published its final report on the European Markets Infrastructure Regulations ("EMIR") and Securitised Financing Transactions Regulation ("SFTR") data quality.

April
2021

The amendment of Article 45, of the Cyprus VAT Law, comes into effect on the 1st of July 2021 and from that stems the imposition of monetary penalties for non-compliance with the reverse charge provisions.

April
2021

The Cyprus Securities and Exchange Commission ("CySEC") has recently carried out a review of the compliance of the Regulated Entities with the compliance function requirements("the Review") pursuant to Article 17(2) of the Law.

April
2021

The European Banking Authority ("EBA") published a consultation paper on draft regulatory technical standards ("RTS") on disclosure of investment policy by investment firms.

March
2021

The Cyprus Securities and Exchange Commission (the "CySEC") hereby draws the attention of the Cyprus Investment Firms (the "CIFs"), which intend to provide investment and/or ancillary services and/or perform investment activities in the territory of Czech Republic, to CNB’s regulatory rules regarding the persons that are allowed to provide such services.

March
2021

The Cyprus Securities and Exchange Commission (the "CySEC") hereby draws the attention of the Cyprus Investment Firms (the "CIFs"), which intend to appoint Tied Agents to offer their services in the territory of Portugal, to CMVM’s regulatory rules regarding the persons that are allowed to provide such services.

March
2021

We would like to inform you that the Minister of Finance has granted an extension to the deadline for submission of the 2019 Corporate Income Tax Returns (T.D.4 form), and of the personal Income Tax Returns of self-employed individuals with gross income that exceeds €70.000 and preparing audited financial statements (T.D.1 form), from 31 March 2021 to 30 September 2021.

March
2021

The Cyprus Securities and Exchange Commission (the "CySEC") wishes, with this circular, to inform the Regulated Entities that the European Securities and Markets Authority ("ESMA") published on February 1, 2021 an announcement regarding the 2021 Common Supervisory Approach ("CSA") on "MiFID II Product Governance rules".

March
2021

We would like to inform you that the Cyprus Parliament voted an amendment to the provisions of the Central Agency for Equal Distribution of Burdens (Creation, Objects, Responsibilities, and Other Related Matters) Law of 1989, with the introduction of a new 0,4% levy on the sale proceed of immovable properties located in the area that is currently under the control of the Republic of Cyprus.

March
2021

The Cyprus Securities and Exchange Commission ("CySEC") wishes to draw attention of issuers whose securities are admitted to trading on a regulated market of the Cyprus Stock Exchange or on other regulated market, to the Public Statement of the European Securities and Markets Authority ("ESMA") with reference number ESMA32-63-1041 and subject "European common enforcement priorities for 2020 annual financial reports".

March
2021

We would like to inform you that on the 26th of February 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 June 2021.

March
2021

We would like to inform you that on the 3rd of February 2021, the Tax Department announced that the Directive of the Council of EU on mandatory disclosure and exchange of information on cross-border arrangements (DAC 6) is expected to be incorporated within the current month into the Cyprus legislation.

March
2021

We would like to inform you that on the 3 rd of February 2021, the Tax Department announced that the Directive of the Council of EU on mandatory disclosure and exchange of information on cross-border arrangements (DAC 6) is expected to be incorporated within the current month into the Cyprus legislation.

March
2021

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the issuers whose securities are admitted to trading on a regulated market of the Cyprus Stock Exchange or on other regulated market (the "issuers"), that the issuers whose home member state according to the Transparency Requirements (Securities admitted to trading on a regulated market) Law of 2007, as amended ("Transparency Law") is the Republic of Cyprus, may apply the requirement for preparation of their annual financial reports in accordance with ESEF for the financial years beginning on or after 1 January 2021.

February
2021

The European Banking Authority ("EBA") published its final draft Implementing Technical Standards ("ITS") on the disclosure of indicators of global systemically important institutions ("G-SIIs").

February
2021

The Cyprus Securities and Exchange Commission ("the CySEC") wishes with the present, which is issued pursuant to paragraph 37A of CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing ("the AML/CFT Directive"), to inform all interested parties; that due to the developments related to the Coronavirus disease 2019 (COVID-19) the deadlines for the submission to CySEC of the 1) Internal Auditor’s Annual Report, 2) AMLCO’s Annual Report and the 3) Form of the Monthly Prevention Statement provided in the AML/CFT Directive are extended.

February
2021

With the entry into force of the Investment Firms Regulation (EU) 2019/2033 ("IFR") and Investment Firms Directive (EU) 2019/2034 ("IFD") on 26 June 2021, all Cyprus Investment Firms ("CIFs") authorised under the Investment Services and Activities and Regulated Markets Law of 2017 will be subject to a new prudential regime, different and independent from the Regulation EU No. 575/2013 ("CRR") and Directive DI144-2014-14 which are applicable.

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