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Regulatory Blog

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Cyprus reminds entities about their enhanced sanctions disclosure obligations (and the reporting deadline of 1 September 2022)
On 9 August 2022, the Ministry of Finance published an announcement regarding the obligation of natural and legal entities, as listed in Annex I of Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (Regulation 269/2014) to report funds or financial resources belonging to, owned, held or controlled by them which are located in Cyprus.
Newly voted transfer pricing legislation in Cyprus
On 30 June 2022, the Cyprus Parliament passed into law the transfer pricing (TP) rules and documentation requirements by amending the tax legislation. The OECD Transfer Pricing Guidelines have been legislatively incorporated in Cyprus.
European Commission proposes a tax incentive to reduce for debt-equity bias
On 11 May 2022, the European Commission (EC) proposed a Directive on a debt-equity bias reduction allowance (DEBRA) by introducing an allowance that will allow for a notional interest deduction on equity increases from one tax year to the next. The objective is to reduce the current tax bias that favours the use of debt over equity. The focus of the proposed measure is on the entity being funded rather than on the lender or equity provider.
CSSF published a white paper on Distributed Ledger Technologies (DTL)
On 21 January 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) published a non-binding document, a “white paper”, aiming to guide interested professionals in the conduct of their due diligence process related to the Distributed Ledger Technologies (DLT) and its use in the provision of services in the Luxembourg financial sector.
Cyprus announces exemptions to the public UBO register for companies under liquidation
On the 13 December 2021, the Cypriot competent authorities announced that companies which have filed an application to be struck from the Register before 12 March 2021, or where their liquidation has begun prior to 12 March 2021, will be exempt from the obligation to make a filing under the Beneficial Owners register.
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.
EU’s public consultation on its Blocking Regulation
On 4 November 2021, the European Commission closed its public consultation on proposed amendments to the EU’s Blocking Regulation, which seeks to protect EU firms and persons from the effects of extraterritorial sanctions in third countries, principally the US. The Commission will now move forward by contacting respective stakeholders directly in order to organise the targeted consultation activities.
Cyprus further extends the DAC6 deadline
On 22 November 2021, the Cyprus Tax Department announced an additional extension for the submission of information on DAC6. The new deadline for filing without administrative fines for late submission on DAC6 is 31 January 2022.
EU plans new restrictive measures on Belarus
As regards the ongoing conflict on the Poland-Belarus border and other related matters, the EU Council is preparing to increase the pressure on the regime in Minsk by supplementing its sanctions regime with new measures to respond to ‘hybrid attacks’ and the displacement of persons instigated by Belarus.
EBA advises the EU Commission on discrepancies observed on the protection of client funds by deposit guarantee schemes
On 28 October 2021, the European Banking Authority (EBA) published an opinion on the treatment of client funds under the deposit guarantee schemes directive (DGSD), where it assessed the current approaches to the protection of funds deposited with credit institutions on behalf of clients by entities that are themselves excluded from deposit guarantee schemes (DGSs) protection.
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