Updates

The European Banking Authority ("EBA") published its annual Funding Plans Report. 159 banks submitted their funding plans for a forecast period from 2022 to 2024.

Emotional Intelligence (EI) is the ability to manage both your own emotions and understand the emotions of people around you. Emotional Intelligence is essential for survival and there are people with high levels of EI that are able to identify what they are feeling, know how to interpret their emotions, recognize how their emotions affect others, regulate their own emotions and manage the emotions of other people.

The European Insurance and Occupational Pensions Authority ("EIOPA") published its report on data quality in Solvency II reporting.

The European Banking Authority ("EBA") published its second report on the functioning of AML/CFT supervisory colleges in the EU.

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, published the annual update of its Reporting Manual on the European Single Electronic Format ("ESEF").

Covid-19 pandemic, the Great Resignation era, Russia – Ukraine war, Inflation: Resiliency. What seems to have been greatly affected by the above, having gone through trials and turbulences during the last 2 plus years, is the Employee – Employer relationship. What is certain, is that the future is uncertain, and with it, thriving under it depends on where and in which form this relationship will go moving forward.

"The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, has published its response  to the European Commission’s ("Commission") consultation on the regime applicable to the use of benchmarks administered in a third country ("TC").

The European Banking Authority ("EBA") launched a public consultation on its draft Regulatory Technical Standards ("RTS") on the determination by originator institutions of the exposure value of synthetic excess spread ("SES") in securitisations.

The European Banking Authority ("EBA") published 2021 extended data related to two key concepts and indicators in the Deposit Guarantee Schemes Directive ("DGSD"), namely available financial means ("AFMs") and covered deposits.

We would like to inform you that on the 26th of July 2022 a law was published in the Cyprus Government Gazette amending Articles 8(21) and 8(23) of the Income Tax Law (ITL) in regards to the income tax exemptions for employment income.

We would like to inform you that the Minister of Finance has issued a Decree extending the deadline for the electronic submission of personal income tax returns (form TD1) for employees and pensioners for the year 2021 from 31 July 2022 to 31 August 2022.

The European Banking Authority ("EBA") launched a consultation on its supervisory handbook for the validation of internal ratings based systems.

There are a number of commercial benefits that come with registering the property in the name of a legal entity rather than as an individual e.g. for asset protection purposes as it provides protection against personal insolvency since a property that is in the name of a legal entity should not be affected should the individual becomes personally insolvent.

The European Banking Authority ("EBA") published its 2023 EU-wide stress test draft methodology, templates and template guidance, which will be discussed with the industry.

"The ESMA ,the EU’s securities markets regulator, issues a third statement on the implementation of Legal Entity Identifier ("LEI") requirements for third-country issuers under the Securities Financing Transactions Regulation ("SFTR") reporting regime.."

We would like to inform you that on the 30th of June 2022 the Cyprus Parliament passed a law introducing, for the first time, a comprehensive Transfer Pricing legislation (TP legislation) which is harmonized with the Organization for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations.

The European Banking Authority ("EBA") published an analysis of how its Opinion on the prudential treatment of legacy instruments has been implemented across the EU.

The European Banking Authority ("EBA") published its quarterly Risk Dashboard together with the results of the autumn edition of the Risk Assessment Questionnaire ("RAQ").

We would like to inform you that as from 8 June 2022 the application of the reduced Special Defence Contribution (“SDC”) rate of 3% has been extended to Cyprus tax resident legal entities.

We would like to bring to your attention that the deadline for the first temporary tax installment for the tax year 2022 is approaching.

The European Banking Authority ("EBA") published an Opinion and Report in response to the European Commission’s Call for Advice ("CfA") on the review of the Mortgage Credit Directive ("MCD").

The European Banking Authority ("EBA") published its Annual Report which describes in detail the activities and achievements of the Authority in 2021 and provides an overview of the key priorities for the coming year.

The European Banking Authority ("EBA") launched a public consultation on draft Regulatory Technical Standards ("RTS") on the identification of a group of connected clients ("GCC").

The three European Supervisory Authorities (European Banking Authority - "EBA", European Insurance and Occupational Pensions Authority - "EIOPA" and European Securities and Markets Authority - "ESMA – “ESAs"), published a statement providing clarifications on the draft regulatory technical standards ("RTS") issued under the Sustainable Finance Disclosure Regulation ("SFDR"), which include the financial product disclosures under the Taxonomy Regulation.

The European Banking Authority ("EBA") will be launching its annual 2022 EU-wide Transparency exercise in September and expects to release the information on banks’ exposures and asset quality at the beginning of December, along with the EBA Risk Assessment Report.

The European Banking Authority ("EBA") has adopted a decision on supervisory reporting for EU parent undertaking Inter Parliament Union ("IPU") threshold monitoring for those entities belonging to third country groups, including third-country branches.

In the era of the coronavirus pandemic, the digital revolution, and the ever-evolving globalization, the digitalization of the tax administration seems to be a one-way route. But what exactly is the digitalization of the tax administration and how this will affect the tax function around the globe?

The European Banking Authority ('EBA') published its annual Report on convergence of supervisory practices for 2021.

The EBA published an update to its Implementing Technical Standards (the "ITS") which specify the data collection for the supervisory benchmarking exercise of 2023 in relation to the internal approaches used in market and credit risk and IFRS9 accounting.

On 22 December 2021, the European Commission proposed a Directive on the introduction of a minimum effective corporate tax rate of 15% on large multinational enterprise (MNE) groups operating in the European Union (EU).  The draft Directive follows the publication by the Organization for Economic Cooperation and Development (OECD) of the Pillar II Model Rules (also referred to as the Global Anti-Base Erosion (GloBE) rules) designed to ensure that large MNEs pay a minimum level of tax on the income arising in each jurisdiction where they operate.