Updates

K. Treppides & Co Ltd in association with the Cyprus Chamber of Commerce and Industry, and the Cyprus Russian Business Association are organizing a half-day conference with subject "Funds & Cryptocurrencies: The Development and the Technology" on Thursday, 14 June 2018 from 9:00 a.m. - 15:00 p.m. at Four Seasons Hotel in Limassol.

The Financial Conduct Authority ("FCA") is consulting on new guidance outlining factors financial services firms should consider under the Consumer Rights Act 2015 ("CRA") when drafting and reviewing variation terms in their consumer contracts.

We would like to inform you that your Global Regulation partner, K. Treppides & Co Ltd, is participating in the iFXEXPO International 2018 and we would be delighted to welcome you at our booth #45.

The Cyprus Security and Exchange Commission ("CySEC") wishes to inform the Administrative Services Providers ("ASPs") for the information requested by CySEC.

We would like to inform you that as from the 1st June 2018 the payment of the below mentioned taxes to the Cyprus Tax Department, whether imposed through an assessment issued by the Cyprus Tax Department or through a selfassessment of the taxpayer, and which do not bear interest and penalties, will be made only electronically through JCCsmart.

The European Securities and Market Authority ("ESMA") has updated the use of Legal Entity Identifier ("LEI") under the Markets in Financial Instruments Directive ("MiFID II").

We would like to inform you that the Tax Department of the Republic of Cyprus has announced on 25 April 2018, that the Circular No. 198, regarding the Yacht Leasing Scheme has been withdrawn.

The Cyprus Security and Exchange Commission ("CySEC") wishes to inform the Cyprus Investment Firms about the changes concerning Form. 

The Joint Committee of the European Supervisory Authorities published its latest report on risks an vulnerabilities which identified to following risks as potential sources of instability.

The Financial Conduct Authority ("FCA") has published the latest step in its response to the concerns identified through its asset management market study.

The European Securities and Markets Authority ("ESMA") has agreed on measures on the provision of contracts for differences ("CFDs") and binary options to retail investors in the European Union.

The European Insurance and Occupational Pensions Authority ("EIOPA") published the second in a series of papers with the aim of contributing to the debate on systemic risk and macroprudential policy.

The Joint Committee of the European Supervisory Authorities ("ESAs") weighed the benefits and risks of Big Data and published its final report on Big Data. The report analyses its impact on consumers and financial firms.

The European Banking Authority ("EBA") launched a consultation on its Guidelines for credit institutions on how to effectively manage non-performing exposures ("NPEs") and forborne ("FBEs"). 

The European Banking Authority (EBA) launched today a new web page including the tools to access its data point model (DPM), which compiles the harmonised data requirements included in its technical standards and guidelines. 

The European Securities and Markets Authority ("ESMA") is launching its Interactive single rulebook, which is a new service for market participants and other interested stakeholders across the European Union.

The European Supervisory Authorities ("ESAs") for securities ("ESMA"), banking ("EBA"), and insurance and pensions ("EIOPA") have issued a pan-EU warning to customers regarding the risks of buying Virtual Currencies ("VCs").

The European Securities and Markets Authority ("ESMA"), has updated its transitional transparency calculations ("TTC") for equity and tick sizes under the Markets in Financial Instruments Directive ("MiFID II").

The European Banking Authority ("EBA") published an updated list of credit institutions exempted from or subject to a higher cap on inflows in the calculation of Liquidity Coverage Ratio ("LCR") in accordance with the provisions laid down in the LCR Delegated Act.

The European Securities and Markets Authority ("ESMA"), has published a call for evidence on potential product intervention measures relating to the provision of contracts for differences ("CFDs"), including rolling spot forex, and binary options to retail investors.

The Cyprus Securities and Exchange Commission ("CySEC") expands its Web Portal to include the Alternative investment Fund Managers ("AIFMs") and UCITS Management Companies through which they can submit digitally signed documents/letters to the CySEC.

We would like to inform you that the Markets in Financial Instruments Directive ("MiFID II") is the framework of European Union legislation for investment intermediaries and the organised trading of financial instruments.

Further to our Newsletters Issue 03/2017, 08/2017 and 11/2017 we would like to inform you that the House of Representatives voted on Wednesday an extension to the deadline for the submission of applications to enter into an arrangement for the payment of overdue taxes until 30/06/2018.

We would like to inform you that the Cyprus Tax Department has issued on the 29th of December 2017 the Circular 219-VAT and on the 2nd of January 2018 the Circular 220-VAT, providing some important clarification in relation with the implementation of the New Law.

We would like to inform you that as from 1st January 2018, the Gibraltar Financial Services (Distributed Ledger Technology Providers) Regulations 2017 (the "DLT Regulations") will come into force.

The Financial Conduct Authority ("FCA") released a statement regarding the European Council's ("EC") confirmation that sufficient progress has been made to move to the second phase of negotiations related to transition and the framework for the future relationship between the UK and the European Union.

The Financial Conduct Authority ("FCA") published its approach to authorisation and its approach to competition.

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - "ESAs") published draft regulatory technical standards ("RTS").

The European Securities and Markets Authority ("ESMA") published the results of its Peer Review of the Guidelines on certain aspects of the compliance function under MiFID.

We would like to inform you that the Tax Department of the Republic of Cyprus has issued on 25 November 2015, Circular No. 198, amending the provisions the Cyprus Yacht Leasing Scheme that was firstly introduced in Cyprus since March 2012.