The Cyprus Securities and Exchange Commission ("CySEC") published a consultation paper regarding its proposed reforms to the regulatory framework governing the provision of investment services in binary options by firms under its supervision.

We would like to inform you that the House of Representatives has introduced a new law which will allow taxpayers to arrange payment of overdue taxes by installments.

CySEC published a report on Good Supervisory Practices for reducing mechanistic reliance on credit ratings.

ESMA published an updated Q&A document regarding the implementation of MiFID II and MiFIR.

All Cyprus tax resident individuals are taxed on all income accrued or derived from all sources in the Republic of Cyprus and abroad. Individuals who are not tax residents of the Republic are taxed on income accrued or derived from sources in the Republic.

The Autorité des Marchés Financiers ("AMF") is launching an effort to modernise its monitoring system, enhancing its ability to detect, analyse and investigate suspicious activity.

The European Securities and Markets Authority ("ESMA") published guidelines for transaction reporting under the Markets in Financial Instruments Directive ("MiFID II") and Regulation ("MiFIR").

The Cyprus Securities and Exchange Commission ("CySEC") issued Circular C177 under article 12(1) of the Market Abuse Law of 2016.

The Ministry of Finance issued a Decree defining the requirements of the entities of Multinational Enterprises (MNE) Groups with consolidated group revenue of Euro 750 million and above regarding the information to be provided to the Cyprus Tax Department under the CbC Reporting.

The Financial Stability Board ("FSB") published its latest progress report on the implementation of a four-point action to assess and address the decline in corresponding banking.