ARTICLE
11 May 2018

Cyprus Securities And Exchange Commission Risk-Based Reporting For Administrative Service Providers

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The Cyprus Securities and Exchange Commission has announced the detailed arrangements for regulated Administrative Service Providers to submit information regarding the year 2017...
Cyprus Corporate/Commercial Law

The Cyprus Securities and Exchange Commission ("CySEC") has announced the detailed arrangements for regulated Administrative Service Providers ("ASPs") to submit information regarding the year 2017 for the purposes of risk-based supervision.

All ASPs which were authorised and undertaking activities at 31 December 2018 are required to complete form RBSF-ASP, which is available on the CySEC website, and submit it online via CySEC's Transaction Reporting System by 23 May 2018. The data reported should be based on audited financial statements.

The reporting process incorporates the Risk-Based Supervision Guidelines jointly issued by the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, which became applicable from 7 April 2018. The guidelines were issued under the Fourth EU Anti-Money Laundering Directive, which was incorporated into Cyprus law by Law 18(I)/2018. The reporting form includes the new classification of high-risk customers contained in the new law. Several other new questions and sections have been added to the form in order to gather information on issues including the number of customers considered to be high net worth individuals as at the reference date, the transparency and complexity of products and services, the size of customers' transactions and geographic analyses of customers and other counterparties.

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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