Regulatory Review: The Quarterly Edition – Q3 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 that occurred within Q3 2023.

EU Regulatory Updates

• Markets in Crypto Assets (MiCA) Regulation
  • 1^st Consultation Package by ESMA
• Anti-Money Laundering and Combatting Financing of Terrorism
  • Opinion of the European Banking Authority (EBA) on money laundering and terrorist financing risk affecting the EU’s financial sector
  • Update of the EU list of high-risk third countries
  • ESMA Report on Suspicious Transactions and Order Reports (STORs)
• Markets in Financial Instruments Directive (MiFID)
  • Highlighted areas for improvement in the firm’s disclosure of cost and charges under MiFID
  • Final Report on revised technical standards for passporting
  • Analysis of the cross-border investment activity of firms
  • Final Report of Guidelines on certain aspects of the MiFID II suitability requirements
  • Follow-up Report to the peer review on certain aspects of the compliance function under MiFID I
• Prudential Supervision & Investment Firms Regulation and Directive (IFR/IFD)
  • Delegated Regulation (EU) 2023/1651 with regard to RTS for the specific liquidity measurement of investment firms

CY Regulatory Updates

• CySEC Circulars
  • Circular C590: Further guidance regarding prudential and remuneration reporting of CIF via CySEC’s XBRL portal
  • Circular C591: Appointment of an Alternate Director to attend a meeting of the Board of Directors of a CIF
  • Circular C593: New reporting standards under Regulation (EU) 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories, as amended (‘EMIR’)
  • Circular C595: ESMA Final Report on the 2022 Common Supervisory Action (‘CSA’) on Valuation
  • Circular C600: Joint EBA and ESMA Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) under Directive (EU) 2019/2034 (EBA/GL/2022/09, ESMA35-36-2621)
• 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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