ARTICLE
24 May 2023

Financial Services And Regulatory Updates April 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.
European Union 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 with the recent circulars, directives, and guidance issued by the following Regulators:

Cyprus Securities and Exchange Commission ("CySEC")

20/04/2023 - C567 - Electronic Submission of the Form "Monthly Prevention Statement for AML/CFT purposes" (paragraph 11 of CySEC's AML/CFT Directive) via the CySEC's Transaction Reporting System ('TRS') - New Form MPS.

CySEC informs all Regulated Entities (see points i-x above of the form) that from May 2023 (Reporting for April 2023), the Form of the Monthly Prevention Statement (MPS) for AML/CFT purposes, will be submitted via the CySEC's Transaction Reporting System ('TRS').

C-567 - New Form MPS

28/04/2023 - C569 - Risk Based Supervision Framework ('RBS-F') - Electronic submission of Information for the year 2022

The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law ('the CySEC Law').

C-569 - Electronic submission of Information for the year 2022

28/04/2023 - C570 - EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine

New reporting obligations further to Circular C555, CySEC draws the attention of the Regulated Entities to the published FAQs by the European Commission on the new reporting obligations, as introduced in the Tenth sanctions package adopted by the Council of the European Union (EU Council) against Russia due to its military aggression against Ukraine, 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 FAQs and links to the reporting templates for Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014 can be found in the consolidated version of the FAQs, also available on CySEC's website.

Central Bank of Cyprus ("CBC")

No new announcements/circulars/directives for this month

European Central Bank ("ECB")

No new announcements/circulars/directives for this month

European Banking Authority ("EBA")

25/04/2023 - ESAs call for vigilance in the face of mounting financial risks

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. While noting that EU financial markets remained broadly stable despite the challenging macro environment and recent market pressure in the banking sector, the three Authorities are calling on national supervisors, financial institutions and market participants to remain vigilant in the face of mounting risks.

ESAs call for vigilance in the face of mounting financial risks

28/04/2023 - EBA updates data on deposit guarantee schemes across the European Economic Area

EBA published data related to two key concepts and indicators in the Deposit Guarantee Schemes Directive (DGSD), namely available financial means (AFMs) and covered deposits. The EBA publishes these data for the deposit guarantee scheme (DGS) in each Member State on a yearly basis to enhance the transparency and public accountability of DGSs across the EEA to the benefit of depositors, markets, policymakers, DGSs and Members States.

EBA updated data on deposit guarantee schemes across the European Economic Area

European Securities and Markets Authority ("ESMA")

19 /04/ 2023 - ESMA finds data quality significantly improves under the new monitoring approach.
ESMA published the third edition of its Data Quality Report under the European Markets Infrastructure Regulation (EMIR) and the Securitised Financing Transactions Regulation (SFTR) reporting regimes.

The report highlights the increased use of transaction data by EU financial regulatory authorities in their day-to-day supervision and identifies significant quality improvements following a new approach to data monitoring. In addition, it sets out how ESMA, together with the National Competent Authorities (NCAs), the European Central Bank (ECB) and the European Systemic Risk Board (ESRB), has incorporated key insights from its data monitoring in several internal workstreams.

ESMA finds data quality significantly improves under the new monitoring approach

28/04/2023 - ESMA publishes the annual transparency calculations for non-equity instruments, bond liquidity data and quarterly SI calculations.

ESMA, published the results of the annual transparency calculations for non-equity instruments, new quarterly liquidity assessment of bonds and the quarterly systematic internalise calculations under MiFID II and MiFIR.

ESMA - Annual transparency calculations

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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