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Regulatory Blog

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CSSF advises on the improvement of Risk-Based Supervision
On 22 December 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circulars 21/788, 21/789 and 21/790 aiming to improve the Risk-Based Supervision of the CSSF, for prudential and AML/CFT purposes regarding investment fund managers (IFMs) and undertakings for collective investment (UCIs).
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:
CSSF updates FAQs on the possession of ancillary liquid assets by UCITS
On 3 November 2021, the Commission de Surveillance du Secteur Financier (CSSF) published updated FAQs with information on the holding of ancillary liquid assets by UCITS as per article 41 (2) (b) of the Law of 17 December 2010, see here.
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.
CSSF is launching a new eDesk filing for Investment Fund Managers 05 October 2021
On 22 September 2021, the Commission de Surveillance du Secteur Financier (CSSF) issued a press release inviting Investment Fund Managers (IFMs) to declare the performance fee models applicable to their Luxembourg based UCITS or AIFs by completing a questionnaire via the new eDesk module on performance fees which was launched on 30 September 2021.
ESMA’s report on marketing requirements and communications under the regulation on cross-border distribution of funds
On 1 July 2021, the European Securities and Markets Authority (ESMA) submitted to the European Parliament, the European Council and the European Commission its first report on national rules governing the marketing of investment funds under the regulation on cross-border distribution of funds.
Luxembourg’s CSSF publishes FAQs on the application of MiFID to Investment Fund Managers
On 10 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Frequently Asked Questions (FAQs) on the application of MiFID to Luxembourg Investment Fund Managers (IFMs). The CSSF FAQs aim to clarify under what circumstances and to what extent MiFID applies to IFMs, their third-party delegates and their investment advisers.
ESMA updates its Q&As for the funds industry
On 28 May 2021, the European Securities and Markets Authority (ESMA) published its updates to various Questions and Answers (Q&As) for numerous industry sectors. As relevant to the funds industry, we highlight those related to the AIFMD and UCITS regimes. Next week, we will cover off the new Q&As for investment firms.
CySEC extends AML obligations
On 12 February 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 427 informing all interested parties that due to COVID-19 developments, 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.
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