About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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CySEC issues circular relating to EBA guidelines on outsourcing
On 13 October 2023, the Cyprus Securities and Exchange Commission (CySEC) published Circular 604 directing Cyprus Investment Firms (CIFs) to familiarise themselves with the European Banking Authority's guidelines on outsourcing, published on 2 February 2019 (Guidelines).
10 Nov 2023
CySEC's Circular on forced transfers of Russian securities
On 11 September 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 596 regarding Russian Federation Federal Laws No. 319-FZ (Law 319-FZ) and No. 519-FZ (Law 519-FZ), which concern certain transfers of Russian securities, known as forced transfers, further defined below.
18 Sep 2023
EU reaches provisional agreement on AIFMD II and UCITS “plain-vanilla EU investment funds”
On 20 July 2023, negotiators from the European Council and the European Parliament reached a provisional agreement on new regulations aimed at improving European capital markets and strengthening investor protection in the EU. The agreement focuses on revising the Alternative Investment Fund Managers Directive (AIFMD), broadly referred to as AIFMD II, which governs managers of various investment funds including hedge funds, private equity funds, and real estate funds in the EU. Additionally, it modernises the framework for “plain-vanilla” EU-harmonised retail investment funds known as undertakings for collective investment in transferable securities (UCITS).
23 Aug 2023
MOKAS annual report on money laundering activities in Cyprus
On 23 June 2023, the Cyprus Securities and Exchange Commission announced the release of the Annual Report for 2022 by the Unit for Combating Money Laundering (MOKAS). The report provides a comprehensive analysis of Suspicious Activity Reports, Suspicious Transaction Reports, and the Additional Information File AIF-S or AIF-T.
13 Jul 2023
EU reaches political agreement on Data Act
On 27 June 2023, the European Council and European Parliament reached a provisional agreement on the Data Act, a regulation aimed at establishing harmonised rules on “fair access to and use of data”, which was proposed by the European Commission in February 2022. The new legislation aims to make the EU a leader in the data-driven society by unlocking the economic potential of data and technologies, fostering competition and enhancing data accessibility.
29 Jun 2023
New era of crypto regulations: MiCA and travel rule regulations published in the Official Journal, MiCA overview guide included
On 9 June 2023, EU Regulation 2023/1114 on Markets in Crypto Assets (MiCA) and EU Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Travel Rule Regulation) were published in the Official Journal of the European Union.
13 Jun 2023
CySEC Circular on risk-based supervision and electronic reporting for 2022
On 12 May 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 573 announcing the release of the new version of the RBSF-MC Form (Version 6). This form is an annual requirement for all regulated entities and collects statistical information.
30 May 2023
New electronic AML/CFT monthly prevention statement process via CySEC's Transaction Reporting System
On 20 April 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 567 to all regulated entities regarding the submission of the Monthly Prevention Statement for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) purposes.
02 May 2023
CySEC suspends redemption of UCITS and AIF units
On 23 March 2023, the Cyprus Securities and Exchange Commission published Circular 544.
03 Apr 2023