Updates

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published a consultation paper on draft regulatory technical standards on open-ended loan originating Alternative Investment Funds ("AIFs") under the revised Alternative Investment Fund Managers Directive ("AIFMD").

We would like to remind you of the deemed dividend distribution (DDD) provisions of the Special Contribution for the Defence Law (SDC) that apply on the 31st of December 2024, and for which there is a reporting deadline on 31st of January 2025.

The European Banking Authority ("EBA") today launched a public consultation on draft Regulatory Technical Standards ("RTS") specifying the criteria according to which crypto-asset service providers ("CASPs") should appoint a central contact point to ensure compliance with local anti-money laundering and countering the financing of terrorism ("AML" and "CFT") obligations of the host Member State. This consultation runs until 4 February 2025.

We would like to remind you that the submission deadline for the following Countryby-Country (‘’CbC’’) reporting obligations is on 31st December 2024.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, is clarifying details for some of the documents that future applicants will be expected to provide when participating in the selection process for Consolidated Tapes Providers ("CTPs").

To enhance the information exchange between supervisory authorities within the European Union, also across different parts of the financial sector, the three European Supervisory Authorities (EBA, European Insurance and Occupational Pensions Authority ("EIOPA"), European Securities and Markets Authority ("ESMA") – collectively referred to as "ESAs")  have developed an ESAs F&P Information System.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, is launching a data collection exercise together with the national competent authorities ("NCAs"), on costs linked to investments in AIFs and UCITS.

The European Insurance and Occupational Pensions Authority ("EIOPA") published its final Report on the prudential treatment of sustainability risks within Solvency II, recommending additional capital requirements for fossil fuel assets on European insurers’ balance sheets to accurately reflect the high risks of these assets.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the new quarterly liquidity assessment of bonds and the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments under MiFID II and MiFIR.

We would like to inform you that the deadline for the payment of the second temporary tax installment for the tax year 2024 is due on 31st of December 2024.

We would like to inform you that the Council of Ministers has issued a Decree extending the deadline for the electronic submission of personal income tax returns (forms TD1) for employees and pensioners for the year 2023 from 31 October 2024 to 30 November 2024. The deadline for settlement of the relevant income tax liability for the year 2023 has also been extended to 30 November 2024.

We would like to inform you that the Cyprus Tax Department (CTD) has announced that the Council of Ministers has decided to extend the deadline for the electronic submission of the income tax return (forms TD4) for persons who have an obligation to prepare and submit a Summary Information Table (SIT) for the tax years 2022 and 2023 as follows.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has issued its annual European Common Enforcement Priorities ("ECEP") Statement for 2024 corporate reporting.  In 2025, ESMA and European enforcers will prioritize Internation Financial Reporting Standards (“IFRS”) financial statements, focusing on liquidity, consistency of accounting policies, and transparency of estimates and judgments. They will also evaluate sustainability statements for materiality under the European Sustainability Reporting Standards ("ESRS"), ensuring clarity and compliance with Article 8 of the Taxonomy Regulation.

On 3 October , the three European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA"), European Securities and Markets Authority ("ESMA") - collectively referred to as "ESAs") – organised the 11th edition of their annual Consumer Protection Day, in Budapest.

The European Banking Authority ("EBA") published its final Guidelines on the orderly redemption of token holders in case of crisis of the issuer.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has launched two consultations on transaction reporting and order book data under the Markets in Financial Instruments Regulation ("MiFIR") Review.

The Financial Conduct Authority ("FCA") is stepping in to better protect customers when payments and e-money firms go out of business. Use of payments firms has grown in recent years, but the FCA says it continues to see poor safeguarding practices from firms.

The three European Supervisory Authorities ("EBA, EIOPA and ESMA" or "ESAs") issued their Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system.

Recognising the vital role that the regulator plays in enabling new financial services firms’ ability to meet regulatory standards to get off the ground, the Financial Conduct Authority has improved its authorisation process.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, publishes its second risk monitoring report of 2024, setting out the key risk drivers currently facing EU financial markets.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the translations in all official EU languages of its Guidelines on funds’ names using ESG or sustainability-related terms.

The European Banking Authority ("EBA") published final amendments to its Regulatory Technical Standards ("RTS") on the fundamental review of the trading book ("FRTB").

The European Banking Authority (“EBA”) published its final draft Implementing Technical Standards (ITS), amending the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2025 exercise.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published the new quarterly liquidity assessment of bonds and the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments under MiFID II and MiFIR.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has published an Opinion on the Sustainable Finance Regulatory Framework, setting out possible long-term improvements.

The three European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA"), European Securities and Markets Authority ("ESMA") - collectively referred to as "ESAs") published the second batch of policy products under the Digital Operational Resilience Act ("DORA").

The three European Supervisory Authorities (European Banking Authority ("EBA"), European Insurance and Occupational Pensions Authority ("EIOPA"), European Securities and Markets Authority ("ESMA") - collectively referred to as "ESAs") published a joint report following their workshop on the use of behavioural insights by supervisory authorities in their day-to-day oversight and policy work.

The European Banking Authority ("EBA") issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets.

The European Banking Authority ("EBA") published an updated Report on the monitoring of Additional Tier 1 ("AT1"), Tier 2 and total loss absorbing capacity ("TLAC") as well as the minimum requirement for own funds and eligible liabilities ("MREL") instruments of European Union ("EU") institutions.

EBA published its final draft Regulatory Technical Standards ("RTS") on the conditions for assessing the materiality of model extensions and changes, as well as changes to the subset of modellable risk factors, applicable under the Fundamental Review of the Trading Book ("FRTB") rules.