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We researched and summarised for you, all recent regulatory
updates from Cyprus and Europe, which are applicable for Regulated
Companies operating in the Region.
We support our clients and associates by providing a
comprehensive page with the recent circulars, directives, and
guidance issued by the following Regulators:
- Cyprus Securities and Exchange Commission
(“CySEC”) - Central Bank of Cyprus (“CBC”)
- European Central Bank (“ECB”)
- European Banking Authority (“EBA”)
- European Securities and Markets Authority
(“ESMA”)
Cyprus Securities and Exchange Commission
(“CySEC”)
12/1/2023- C545 : Publication of CySEC’s feedback from
reviews regarding the compliance with the reporting obligation in
accordance with article 9 of Regulation (EU) No 648/2012 on OTC
Derivatives, Central Counterparties, and Trade Repositories, as
amended (‘EMIR’).
CySEC issued its feedback comments through an additional article
on C545 (dated on 30/11/2022). The additional issue refers to a
series of reviews that CySEC carried out on Trade Repositories
which are included in Circular No. 545.
Particularly, the publication refers to:
- Scope of the reviews
- Areas of concern/observations identified
- Next steps that CySEC will follow for the compliance
reviews.
C545 | CYSEC REVIEWS OF COMPLIANCE
25/01/2023 – C546 : Introduction of prudential reporting
of Cyprus Investment Firms (CIFs) through CySEC’s XBRL
Portal
CySEC wishes to inform all CIFs of its intention to submit to
the European Banking Authority (the ‘EBA’) the supervisory
and financial reporting data, which they receive from all CIFs.
Therefore, all CIFs should:
(a) Register to CySEC XBRL portal by Monday 30/01/2023.
(b) Submit their prudential reporting via the XBRL portal.
C546 | INTRODUCTION OF PRUDENTIAL REPORTING OF
CIFS THROUGH CYSEC’S XBRL PORTAL
Central Bank of Cyprus (“CBC”)
No new announcements/circulars/directives for this month
European Central Bank (“ECB”)
24/01/2023 – ECB publishes new climate-related statistical
indicators to narrow the climate data gap.
ECB has published a first set of climate-related statistical
indicators to better assess the impact of climate-related risks on
the financial sector and to monitor the development of sustainable
and green finance, fulfilling another of the commitments of its
climate action plan.
The indicators are intended to start a broader conversation
within the statistical and research community and with other key
stakeholders on how to better capture data on climate-related risks
and the green transition.
European Banking Authority (“EBA”)
11/01/2023 – EBA publishes its peer review on authorisation of
payment institutions and e-money institutions.
EBA published its peer review on authorisation of payment
institutions and e-money institutions under the revised Payment
Services Directive (PSD2).
The Review examined the implementation of the EBA Guidelines in
this area, and also shows that the average duration of the overall
authorisation process varies significantly across competent
authorities.
The EBA adopted follow-up measures for component authorities
in:
- Review their authorisation resources.
- Ensure the applicants that have a “three lines of
defence” model that includes the functions of risk management,
compliance, and internal audit. - Ensure that applicants are effectively managed and
controlled.
EBA PEER REVIEW ON AUTHORISATION UNDER THE PAYMENT
SERVICES DIRECTIVE
12/01/2023 – European Supervisory Authorities (ESAs) which
includes EBA, EIOPA, ESMA.
ESAs published a Report on national financial education
initiatives on digitalisation with a focus on cybersecurity, seams,
and fraud. They highlight the importance of appropriate digital
financial skills and cyber security.
EUROPEAN SUPERVISORY AUTHORITIES GOOD PRACTICES
FOR FINANCIAL EDUCATION INITIATIVES
13/01/2023 : The liquidity coverage ratio of EU banks declined
in the first half of 2022 but is still well above the minimum
requirement.
EBA published its Report on liquidity measures, which monitors
and evaluates the liquidity coverage requirements currently in
place in the EU.
The evolution of banks’ LCR levels is particularly relevant
given the uncertain economic outlook with high levels of inflation
and the process of normalisation of the monetary policy. EU banks
hold materially lower liquidity buffers in foreign currencies,
particularly the USD, which requires enhanced monitoring by banks
and supervisors to avoid excessive vulnerability to disruptions in
the foreign exchange markets.
LIQUIDITY COVERAGE RATIO OF EU BANKS
16/1/2023 -The EBA published its annual quantitative Report on
Minimum Requirements for own funds and eligible liabilities as of
31/12/21.
MREL (Minimum Requirements and Eligible Liabilities) ensures
that a bank maintains at all times sufficient eligible instruments
to facilitate the implementation of the preferred resolution
strategy.
19/01/2023 -The EBA observed a significant increase in the
number of high earners across EU banks in 2021.
The EBA observed a significant increase in the number of high
earners accessing EU banks in 2021.
This report has been developed by collecting information on the
number of individuals per institution that are remunerated EUR one
million or more per financial year including the business area
involved and the main elements of salary, bonus, long-term award,
and pension contribution.
EBA OBSERVATIONS
European Securities and Markets Authority
(“ESMA”)
No new announcements/circulars/directives for this month
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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