Updates

The more streamlined and proportionate regime will make it easier for firms to operate globally, while encouraging effective risk management.

Compared with January 2025 it was identified that the median consumer perceptions of inflation over the previous 12 months decreased, while median inflation expectations for the next 12 months and for three years ahead remained unchanged.

The European Banking Authority ("EBA") published the 9th edition of its biennial Consumer Trends Report for 2024/25.

The EBA published its Q4 2024 Risk Dashboard ("RDB"), which discloses aggregated statistical information for the largest EU/EEA institutions, including data on various indicators such as return on equity, net interest margin, CET1 ratio, and more.

The EBA issued a revised list of validation rules in its Implementing Technical Standards ("ITS") on supervisory reporting.

The European Banking Authority ("EBA") launched a public consultation on four draft Regulatory Technical Standards ("RTS") that will be part of the EBA’s response to the European Commission’s Call for Advice.

The European Banking Authority ("EBA") launched a consultation to amend the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2026 exercise.

The use of digital wallets has rapidly grown in recent years with the proportion of card transactions using a digital wallet increasing significantly from 8% in 2019 to 29% in 2023.

The European Banking Authority ("EBA") published its final draft Implementing Technical Standards ("ITS") on the Pillar 3 data hub for large and other institutions, which will centralise prudential disclosures by institutions through a single electronic access point on the EBA website.

The European Banking Authority ("EBA") published an Opinion on the amendments proposed by the European Commission ("EC") to the EBA draft Regulatory Technical Standards ("RTS") on conflicts of interests for issuers of asset-referenced tokens.

The Financial Conduct Authority ("FCA") has set out proposals to make it easier for listed companies to issue corporate bonds that wealth managers and retail investors can buy.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, the European Commission ("EC") and the European Central bank ("ECB") launched a new governance structure to support the transition to the T+1 (one business day framework) settlement cycle in the European Union.

The EBA today repealed its Guidelines on major incidents reporting under the Payment Services Directive ("PSD2") due to the application of harmonised incident reporting under the Digital Operational Resilience Act ("DORA") from 17 January 2025.

The European Banking Authority ("EBA") today published its final Guidelines on the management of Environmental, Social and Governance ("ESG") risks.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, is launching the first selection procedure for the Consolidated Tape Provider ("CTP") for bonds.

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, published a Feedback Statement summarising the responses it received to its Consultation Paper ("CP") on the securitisation disclosure templates under the Securitisation Regulation ("SECR").

The European Securities and Markets Authority ("ESMA"), the EU’s financial markets regulator and supervisor, has launched a consultation on draft Guidelines related to the Internal Control Framework for some of its supervised entities.

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.