We researched and summarised for you, all recent regulatory updates from Cyprus and Europe, which are applicable for Regulated Companies operating in the Region.
We support our clients and associates by providing a comprehensive page with the recent circulars, directives, and guidance issued by the following Regulators:
Cyprus Securities and Exchange Commission ("CySEC")
11/09/2023 - Russian Federation Federal Laws No. 319-FZ and No. 519-FZ regarding the transfer of Russian securities to Russia ('Forced Transfers').
CySEC has issued a circular regarding "Forced Transfers." This circular informs Regulated Entities about recent changes related to Russian securities. On July 14, 2022, a new Russian Federation Federal Law No. 319-FZ (Law 319-FZ) was issued, amending Federal Law No. 114-FZ of April 16, 2022. The new Law allows the owners of Russian issuers' securities, or those for whom these securities are held, to transfer their rights in such securities from non-Russian custodian accounts to Russian custodian accounts. This applies to securities that were blocked for transfers by non-Russian custodians due to European Union Council's Decisions and Regulations (EU Restrictive Measures) and international sanctions. On December 19, 2022, Federal Law No. 519-FZ introduced additional eligible cases for transferring Russian securities out of foreign custody service providers under Law 319-FZ.
CySEC requests that Regulated Entities with customers who underwent "Forced Transfers" provide the requested information in the attached Excel file and inform CySEC by Monday, September 25, 2023, at the latest, using the email address eu.sanctions@cysec.gov.cy.
C596 - Russian Federation Federal Laws
Central Bank of Cyprus ("CBC")
08/09/2023 - Issue of set of Cyprus euro coins, mint year 2023
The Central Bank of Cyprus announces the issue of a commemorative coin with a nominal value of €2. This is a circulation coin with mint year of 2023. It is the second of the three Cyprus euro coin sets which are dedicated to the folk tradition of Cyprus. The set presents the traditional musical instruments of Cyprus which are the means of expression and performance of Cypriot folk music and dance. They also express the feelings and history of the people over time.
European Central Bank ("ECB")
05/09/2023 - ECB Consumer Expectations Survey results – July 2023
The survey compares with the results of June 2023 about:
- Inflation.
- Housing and Credit access.
- Income and Consumption.
- Labour market and Economic growth.
ECB Consumer Expectations Survey results – July 2023
European Banking Authority ("EBA")
18/09/2023 - ESAs warn of risks resulting from a fragile economic outlook.
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty. The ESAs warn national supervisors of the financial stability risks stemming from the heightened uncertainty and call for vigilance from all financial market participants.
22/09/2023 - EBA launches 2023 EU-wide transparency exercise.
EBA launched its annual EU-wide transparency exercise, as part of its efforts to monitor risks and vulnerabilities and to reinforce market discipline. As in the past, the exercise is exclusively based on supervisory reporting data, which will keep the burden for the banks to a minimum. The EBA expects to publish the results at the beginning of December, together with the annual Risk Assessment Report (RAR).
EBA 2023 EU-wide transparency exercise
European Securities and Markets Authority ("ESMA")
01/09/2023 - ESMA, is seeking candidates for its two Consultative Working Groups (CWG) of the Risk Standing Committee (RSC).
ESMA is inviting experts to apply for CWG membership: financial market participants/financial services intermediaries; representatives of retail investors; users of financial services; and academics.
06/09/2023 - ESMA updates the European Single Electronic Format Reporting Manual ESMA published the annual update of its Reporting Manual on the European Single Electronic Format (ESEF).
ESMA updated the ESEF Reporting Manual to provide technical improvements, such as:
- clarifying the formats of images embedded in the XHTML document;
- updating Data Type Registry references;
- clarifying ESMA's position on the application of Calculations 1.1 specification in the context of ESEF; and
- fixing previously identified errors.
21/09/2023 -ESMA provides an overview of EU securitization markets.
ESMA published a study setting out the details of the EU securitisation market.
EU securitisation markets overview
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