Regulatory Review: The Quarterly Edition – Q4 2023

The SALVUS Regulatory Review is a quarterly compilation that captures the most notable regulatory developments in the European and Cypriot financial sectors over the previous quarter. This comprehensive review addresses regulatory issues affecting Investment Firms and Funds, Crypto Asset Service Providers, and Payment Institutions established in Cyprus.

The Regulatory Review is tailored for members of the Board of Directors, Senior Management, Compliance Officers, Anti-Money Laundering Compliance Officers, Risk Managers, and other key stakeholders, and includes information on the following regulatory updates occurred within Q4 2023.

EU Regulatory Updates

  • Markets in Crypto Assets (MiCA) Regulation
    • ESMA encourages preparations for a smooth transition to MiCA
    • Consultation Paper on the guidelines for the suitability assessment of members of the management body, shareholders and members with qualifying holdings of issuers of asset referenced tokens (ARTs) and crypto-asset service providers (CASP)
    • Consultation Paper on the Reporting Technical Standards (RTS) on requirements for policies and procedures on conflicts of interest for issuers of ARTs under MiCA Regulation
  • Anti-Money Laundering and Combatting Financing of Terrorism
    • Consultation Paper on the guidelines for preventing the abuse of funds and certain crypto-assets transfers for ML/TF purposes under Regulation (EU) 2023/1113
  • Markets in Financial Instruments Directive (MiFID)
    • Updated Questions & Answers on MiFID II and MiFIR investor protection and intermediaries topics
  • Sustainable Finance Regulatory Framework
    • Final Report on the draft RTS for the review of Principal Adverse Impacts and financial product disclosures in the SFDR Delegated Regulation
    • ESMA Methodology for climate risk stress testing and analysis of the financial impact of greenwashing controversies
  • Crowdfunding Regulation
    • Updated Questions & Answers on the European crowdfunding service providers for business Regulation

CY Regulatory Updates

  • Legislative Amendments
    • Law 98(I)/2023 amending the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, Law 188(I)/2007
  • CySEC Circulars
    • Circular C601: EBA’s Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849
    • Circular C602: Requirements of the Spanish Securities and Exchange Commission (the “CNMV”) regarding the product intervention measures relating to contract for differences (the “CFDs”) and other leveraged products to retail investors in Spain
    • Circular C603: ESMA Guidelines on MiFID II product governance requirements (ESMA35-43-3448)
    • Circular C606: EBA Guidelines on the criteria for the exemption of investment firms from liquidity requirements in accordance with Article 43(4) if Regulation (EU) 2019/2033 (EBA/GL/2022/10)
    • Circular C607: MOKAS Strategic Analysis Report 2020-2022
    • Circular C609: EBA guidelines on information and Communication Technology (ICT) and security risks management (EBA/GL/2019/04)
  • CySEC Annual Statistical Bulletin
  • CBC Investment Fund Statistics

If you are interested in receiving the SALVUS Regulatory Review via email, please provide your name and email in the following contact form.

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    SALVUS is recognised as the leading specialist advisory firm in matters of licensing and regulatory compliance for CySEC and CBC regulated entities. We are the go-to people for all matters related to operating an investment firm, a crypto-asset service provider or a payment institution in Cyprus.

    Contact us via email at info@salvusfunds.com to discuss more; we look forward to being of value in covering your licensing, regulatory, and compliance needs.


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