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Regulatory Blog

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CySEC issues circular on fifth wave of EU sanctions on Russia
On 15 April 2022, the Cyprus Securities and Exchange Commission issued circular 501 (Circular 501) drawing the attention of Regulated Entities to the fifth wave of restrictive measures of the European Union, dated 8 April 2022, imposed against Russia due to its military aggression against Ukraine.
CySEC update on Russian sanctions: Reporting and notification deadline
On 25 February 2022, the Cyprus Securities and Exchange Commission (CySEC) issued Circular C489 advising all Regulated Entities of their obligation to implement all relevant restrictive measures imposed by the Council of the European Union (EU) and competent organisations as part of the targeted restrictive measures against Russia in response to the crisis in Ukraine.
Cyprus finalises its national risk assessment on virtual assets and VASPs
On 13 December 2021, the Cyprus Ministry of Finance announced that the Report on National Risk Assessment (NRA) with respect to virtual assets (VA) and virtual asset service providers (VASPs) commissioned by the Advisory Authority for Combating Money Laundering and Terrorist Financing has been finalised.
CySEC responds to FATF virtual assets guidance
On 24 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 476 informing the Regulated Entities of the Financial Action Task Force (FATF) updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.
ESMA issues technical standards for the new European Crowdfunding Service Providers for Business regulation regime; new regime officially in force
The snappily titled “European Crowdfunding Service Providers for Business” regulation (EU) 2020/1503 (ECSP Regulation) was published on 20 October 2020 seeks to provide a harmonised regime across the EU/EEA for the provision of investment-based and lending-based crowdfunding services related to business financing. The key measures of the regulation, as outlined below, will enter into practical effect from 10 November 2022 following expiry of a one-year grace period from the official coming into force date of 10 November 2021.
CySEC issues statement on its post-Brexit Temporary Permission Regime
On 14 December 2021, the Cyprus Securities and Exchange Commission (CySEC), published the Policy Statement (PS 02-2021) notifying the industry on changes to admissions criteria for UK financial institutions operating under the regulator’s Brexit-related Temporary Permission Regime (TPR).
Cyprus transposes the EU’s Funds Marketing Directive into national law
On 18 October 2021, Cyprus transposed Directive (EU) 2019/1160 with regard to cross-border distribution of collective investment undertakings (the Marketing Directive) into local law, by amending:
CySEC circular on US sanctions
On 11 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 475 reminding firms of the practical implications of the latest sanctions administered by the Office of Foreign Assets Control (OFAC) in the United States. CySEC also expressly referred to OFAC’s new Cyber related Designations and Designations Updates.
CySEC reminds stakeholders on the deadlines for registering RAIFs
On 11 October 2021, the Cyprus Securities and Exchange Commission (CySEC) issued an announcement reminding all parties about the deadlines surrounding the set-up of Registered Alternative Investment Funds (RAIFs) in Cyprus.
Cyprus Funds now eligible as Foreign Portfolio Investors in India
On 14 June 2021, India's Ministry of Finance notified its Cypriot counterparts that Cyprus would now be included as an eligible “Category I” country for the purposes of India’s Securities and Exchange Board of India (SEBI) Foreign Portfolio Investors (FPI) Regulations 2019 (SEBI Regulations). In broad terms such Category I countries comprise (direct) members of the Financial Action Task Force (FATF) and other countries specifically recognised as such by SEBI. We understand that, other than Cyprus, only the UAE and Mauritius have been specifically recognised in this way.
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