Updates

The European Banking Authority ("EBA") published the findings of its analysis on the regulatory framework applicable to FinTech firms when accessing the market. 

We would like to inform you that on 26 June 2019 an amendment to the Special Defence Contribution (SDC) law was published in the Cyprus Gazette.

The EBA welcomed publication by the European Court of Auditors ("ECA") of a special Report on the EU-wide stress test titled "EU-wide stress tests for banks: unparalleled amount of information on banks provided but greater coordination and focus on risks needed".

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 European Banking Authority ("EBA") launched  a consultation on its draft Guidelines on loan origination and monitoring.

"The Joint Committee of the three European Supervisory Authorities (EBA, the European Insurance and Occupational Pensions Authority ("EIOPA") and ESMA - ESAs) launched a public consultation to amend the implementing regulations on the mapping of credit assessments of External Credit Assessment Institutions ("ECAIs") for credit risk.

The European Insurance and Occupational Pensions Authority ("EIOPA") published technical information on the relevant risk free interest rate term structures ("RFR") with reference to the end of May 2019.

The European Banking Authority ("EBA") published amendments to the Implementing Technical Standards ("ITS") on supervisory reporting. 

The European Banking Authority ("EBA") published its Opinion addressed to the European Commission.

The EUR risk-free rates working group published consultation paper on the "EIONIA to EURSTR legal action plan".

We would like to inform you that your Global Regulation partner, K. Treppides & Co Ltd, is participating in the iFXEXPO International 2019 and we would be delighted to welcome you at our booth #92.

Income Tax Law Amendments, by Petros Loizou, Senior Manager of K. Treppides & Co Ltd.

The Cyprus Securities and Exchange Commission ("CySEC"), wishes to inform the regulated entities. according to the National Risk Assessment ("NRA"). 

The European Banking Authority ("EBA") launched a consultation on four draft Regulatory Technical Standards ("RTS") on the Standardised Approach for Counterparty Credit Risk ("SA-CCR"). 

The European Banking Authority ("EBA") published an Opinion on the nature of passport notifications of payment institutions ("PIs") and electronic money institutions ("EMIs") using agents and distributors located in another Member State.

We would like to bring to your attention that the Cyprus Tax Department (CTD) has issued an announcement providing clarifications in relation to the recent developments on the withdrawal of the United Kingdom (UK) from the European Union (EU).

The Financial Conduct Authority ("FCA") has published its Business Plan for 2019/20, which outlines the key priorities for the coming year.

The Circular C309 is issued pursuant to section 25(1)(c)(ii) &(iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law"). 

The European Securities and Markets Authority ("ESMA") has announced that it has adopted new recognition decisions for the three central counterparties ("CCPs") and the central securities depository ("CSD") established in the United Kingdom ("UK").

The European Securities and Markets Authority ("ESMA") has issued the official translations of its Guidelines on position calculation by Trade Repositories under EMIR.

We would like to bring to your attention that the Cyprus Tax Department (CTD) has issued on 22 March 2019 the Common Circular Number 4 (hereafter “the Circular”), announcing the reactivation of the pleasure yacht leasing arrangement that was previously put on hold as from 25 April 2018.

The Prudential Regulation Authority ("PRA"), Financial Conduct Authority ("FCA") and European Banking Authority ("EBA") announced that they have agreed a template Memorandum of Understanding ("MoU").

Cryptocurrencies/Digital Assets and Regulation by Alexis Dalitis, Senior Manager of K. Treppides & Co Ltd.

The European Banking Authority ("EBA") published its annual Report on the convergence of supervisory practices in the EU.

"Funds and Fund Managers: Cyprus one possible Jurisdiction", presented by George Nicolaou- Senior Manager of K. Treppides & Co Ltd, on 28 March 2019 at Londa Hotel Limassol Cyprus.  

Cyprus in the new International Tax Reality, interview by Marios Cosma, Managing Partner of K. Treppides & Co Ltd. 

The European Banking Authority ("EBA") published its final Guidelines specifying how institutions should quantify the estimation of loss given default ("LGD") for conditions of an economic downturn.

K. Treppides & Co Ltd is organizing a half-day training with subject "International Corporate and Tax Updates" on Thursday, 21 March 2019 from 14:30- 18:00, at Ararat Park Hyatt in Moscow.

The Financial Conduct Authority ("FCA"), has published near-final rules and guidance that will apply in the event the UK leaves the EU without an implementation period.

The Importance of Risk Management in the Current Business Environment by Savvas Rigas, Partner of K. Treppides & Co Ltd.