Updates

The European Banking Authority (EBA) published phase 2 of its 3.1 reporting framework. 

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

The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law of 2009, as amended (‘the CySEC Law’).

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Annual Report.

We would like to inform you that on 1 June 2021, Cyprus and the Netherlands have signed a Double Tax Treaty (DTT) (ratified by Cyprus on 4 June 2021), which is the first of its kind between the two countries.

We would like to inform you that on the 17th of May 2021, the Tax Department has issued an Implementing Guideline (15/2021) which provides useful clarifications in relation to the tax treatment of the impact on the financial statements from the application of IFRS 9, IFRS 15 and IFRS 16 for the purposes of the calculation of Income Tax as well as the Deemed Dividend Distribution (DDD) that is subject to Special Defence Contribution (SDC).

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – “ESAs”) published two amended Implementing Technical Standards (“ITS”) on the mapping of credit assessments of External Credit Assessment Institutions (“ECAIs”).

We would like to bring to your attention that the deadline for the first temporary tax installment for the tax year 2021 is approaching.

We would like to inform you that on the 4th of June 2021, the Tax Department announced that no administrative fines will be imposed for the overdue submission of DAC6 information that are submitted by 30th of September 2021 (previously 30th of June 2021).

The European Banking Authority ("EBA") published an Opinion following the notification by the French macroprudential authority, the Haut Conseil de Stabilité Financière, of its intention to extend for a second time a measure introduced in 2018 to safeguard the resilience of systemic institutions from excessive risk-taking and to prevent the build-up of future vulnerabilities.

The European Banking Authority ("EBA") launched a public consultation on its new Guidelines that set out how prudential supervisors, AML/CFT supervisors and financial intelligence units ("FIUs") should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive ("CRD").

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

We would like to inform you that last February the ECOFIN Council updated the EU list of third country non-cooperative jurisdictions for tax purposes (the so-called EU ‘blacklist’) and is effective as from 26 February 2021.

As from the 1st of July 2021, several amendments to the existing European Union (EU) VAT legislation (the new Law) will start to apply affecting the VAT rules applicable to cross-border business-to-consumer (B2C) e-commerce activities.

The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law of 2009, as amended ("the CySEC Law"). The Cyprus Securities and Exchange Commission ("the CySEC") wishes to inform the Administrative Service Providers ("the ASPs") about the Risk Based Supervision Framework and the electronic submission of information fir the year 2020.

The Ministry of Finance has issued an announcement that it intends to immediately submit a bill in the House of Representatives, with the purpose to assist businesses that have been affected by the COVID-19 pandemic.

The European Banking Authority ("EBA") launched a public consultation on draft Regulatory Technical Standards ("RTS") on a central database on anti-money laundering and countering the financing of terrorism ("AML/CFT") in the EU.

We would like to inform you that an amendment to the law that regulates the settlement of overdue taxes in relation to tax liabilities for the years 2016 up to 2019, has been published in the Official Gazette on the 29th of April 2021.

The Cyprus Securities and Exchange Commission (the "CySEC") wishes with this Circular, to inform the Cyprus Investment Firms ("CIFs"), that due to the ongoing developments related to the Coronavirus outbreak ("COVID-19") and in an effort to ensure operational continuity, the deadlines for a submission to CySEC of certain reports/notification are extended.

We would like to inform you that, after taking into consideration the prolonged restrictive measures imposed by the Government and the adverse economic conditions caused by COVID-19, the following deadlines have been amended.

The Cyprus Securities and Exchange Commission (the "CySEC") wishes to inform the persons responsible for the prospectus and the financial market participants, that it has adopted the European Securities and Markets Authority ("ESMA") guidelines on disclosure requirements under the Prospectus Regulation [Regulation (EU) 2017/1129 of the European Parliament and of the Council, of 14 June 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC "Regulation (EU) 2017/1129")].

The European Securities and Markets Authority ("ESMA"), the EU’s securities markets regulator, today published its final report on the European Markets Infrastructure Regulations ("EMIR") and Securitised Financing Transactions Regulation ("SFTR") data quality.

The amendment of Article 45, of the Cyprus VAT Law, comes into effect on the 1st of July 2021 and from that stems the imposition of monetary penalties for non-compliance with the reverse charge provisions.

The Cyprus Securities and Exchange Commission ("CySEC") has recently carried out a review of the compliance of the Regulated Entities with the compliance function requirements("the Review") pursuant to Article 17(2) of the Law.

The European Banking Authority ("EBA") published a consultation paper on draft regulatory technical standards ("RTS") on disclosure of investment policy by investment firms.

The Cyprus Securities and Exchange Commission (the "CySEC") hereby draws the attention of the Cyprus Investment Firms (the "CIFs"), which intend to provide investment and/or ancillary services and/or perform investment activities in the territory of Czech Republic, to CNB’s regulatory rules regarding the persons that are allowed to provide such services.

The Cyprus Securities and Exchange Commission (the "CySEC") hereby draws the attention of the Cyprus Investment Firms (the "CIFs"), which intend to appoint Tied Agents to offer their services in the territory of Portugal, to CMVM’s regulatory rules regarding the persons that are allowed to provide such services.

We would like to inform you that the Minister of Finance has granted an extension to the deadline for submission of the 2019 Corporate Income Tax Returns (T.D.4 form), and of the personal Income Tax Returns of self-employed individuals with gross income that exceeds €70.000 and preparing audited financial statements (T.D.1 form), from 31 March 2021 to 30 September 2021.

The Cyprus Securities and Exchange Commission (the "CySEC") wishes, with this circular, to inform the Regulated Entities that the European Securities and Markets Authority ("ESMA") published on February 1, 2021 an announcement regarding the 2021 Common Supervisory Approach ("CSA") on "MiFID II Product Governance rules".

We would like to inform you that the Cyprus Parliament voted an amendment to the provisions of the Central Agency for Equal Distribution of Burdens (Creation, Objects, Responsibilities, and Other Related Matters) Law of 1989, with the introduction of a new 0,4% levy on the sale proceed of immovable properties located in the area that is currently under the control of the Republic of Cyprus.