ARTICLE
17 April 2023

Financial Services - Regulatory Updates - March 2023

RC
RSM Cyprus

Contributor

RSM in Cyprus is amongst the leading providers of professional services offering a comprehensive range of audit, tax and consulting services. Over the years, we have provided our services to thousands of local and international clients across various industries, i.e. tourism, manufacturing, energy, real estate, shipping, insurance, retail, trading, etc.
We researched and summarised for you, all recent regulatory updates from Cyprus and Europe, which are applicable for Regulated Companies operating in the Region.
Cyprus Finance and Banking

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 withthe recent circulars, directives, and guidance issued by the following Regulators:

  1. Cyprus Securities and Exchange Commission ("CySEC")
  2. Central Bank of Cyprus ("CBC")
  3. European Central Bank ("ECB")
  4. European Banking Authority ("EBA")
  5. European Securities and Markets Authority ("ESMA")

Cyprus Securities and Exchange Commission ("CySEC")

06/03/2023 - C551 - EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine

CySEC draws the attention of the Regulated Entities to the new reporting obligations, following the amendments of Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014, as published in the Official Journal of the European Union, dated 25 February 2023.

The relevant amendments of both articles are quoted in the below link.
C551-EU Council's Restrictive Measures

14/03/2023 - C553 - CySEC provides guidelines on certain aspects of the compliance function requirements.

The CySEC provides guidance on the application of certain aspects of the compliance function requirements provided in article 17(2) of the Investment Services and Activities and Regulated Markets Law and Article 22 of the MiFID II Delegated Regulation 2017/565, in order to ensure the common, uniform and consistent application of these legal requirements.
C533 Compliance function

European Central Bank ("ECB")

07/03/2023 - ECB Consumer Expectations Survey results - January 2023

Key highlights compared with December 2022:

  • Consumer expectations for inflation 12 months and three years ahead declined.
  • Expectations for nominal income growth over the next 12 months continued to rise, while expectations for nominal spending growth declined further.
  • Expectations for economic growth over the next 12 months became less negative, and expectations for the unemployment rate in 12 'months' time decreased.
  • Consumers' expectations for growth in the price of their home over the next 12 months weakened, while those for mortgage interest rates 12 months ahead remained unchanged.

European Banking Authority ("EBA")

16/03/2023 - EBA publishes Handbook on data submission for supervisory benchmarking.

The EBApublished a Handbook on supervisory benchmarking of internal models. The Handbook is an online tool providing guidance and links to relevant documents and information for supervisory benchmarking to facilitate accessibility.
For more details, refer to the following links:

20/03/2023 - SRB, EBA and ECB Banking Supervision statement on the announcement on 19 March 2023 by Swiss authorities

The Single Resolution Board, the EBAand ECB Banking.
Supervision welcomes the comprehensive set of actions taken yesterday by the Swissauthorities in order to ensure financial stability following the events regarding Credit Swiss.

Announcement on 19 March 2023 by Swiss authorities

European Securities and Markets Authority ("ESMA")

06/03/2023 - Memorandum of Understanding (MoU)

ESMA and the EU Agency for the Cooperation of Energy Regulators (ACER) have signed an updated Memorandum of Understanding (MoU), which strengthens collaboration between the two institutions.

The MoU notably incorporates new cooperation areas under the market correction mechanism (MCM) Regulation and benchmarks related to the energy sector. It also details the role of the recently established ACER-ESMA Task Force.

ACER-ESMA Task Force

20/03/2023-ESMA raises concerns with the proposed changes to the insider list regime.

ESMA has sent a letter to the European Parliament and Council raising concerns with proposed changes to the insider list regime in the Markets Abuse Regulation.

Listing Act legislative proposal - Insider List Regime

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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