Updates

The European Central Bank ("ECB") presents the indicators about the use of Euro globally.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform regulated entities about the Commission Delegated Regulation with regards to regulatory technical standards.

The European Union’s attempt at creating a single rulebook covering financial-market activities and services is slated to take effect on Jan 3, 2018. The legislation replaces the decade-old Markets in Financial Instruments Directive, or MiFID.

We would like to inform you that the Cyprus Tax Department has issued a notification which implements the provisions of the law which will allow taxpayers to arrange payment of any overdue taxes by installments.

The European Securities and Markets Authority ("ESMA") published a consultation paper regarding its draft technical standards specifying the trading obligation for derivatives under the Markets in Financial Instruments Regulation ("MiFIR").

We would like to bring to your attention that the Temporary Tax Assessment for the tax year 2017 is approaching. We urge you to give due consideration to the matter so as to ensure that the payment of the relevant tax liability is performed in a timely manner.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the Regulated Entities about the Risk Based Supervision Framework submission.

We would like to inform you that Ministers and other high-level officials from 76 jurisdictions signed in Paris on 07/06/2017 or formally expressed their intention to sign the multilateral BEPS convention to modify existing double tax treaties in order to swiftly implement a series of tax treaty measures developed in the course of the OECD-G20 BEPS project.

The European Banking Authority ("EBA") published its 2018 EU-wide stress test draft methodology and templates for discussion with the industry.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the Cyprus Investment Firms ("CIF") that the European Banking Authority ("EBA") published a Q&A regarding the 'Country-by-Country reporting requirements.

The European Securities and Markets Authority ("ESMA") issued an opinion regarding the implementation of the Markets in Financial Instruments Directive ("MiFID II") and Regulation ("MiFIR").

K. Treppides & Co Ltd in association with the Cyprus Chamber of Commerce and Industry, and the Cyprus Russian Business Association are organizing a half-day conference with subject "Funds in Cyprus: An Attractive Jurisdiction" on Thursday, 15 June 2017 from 9:30 a.m. - 15:00 p.m. at Four Seasons Hotel in Limassol.

The European Banking Authority ("EBA") launched a public consultation on its draft Regulatory Technical Standards ("RTS") further specifying the eligibility criteria to determine whether institutions should be subject to simplified obligations when drafting their recovery and resolution plans.

We would like to inform you that your Global Regulation partner, K. Treppides & Co Ltd, is participating in the iFXEXPO International 2017 and we would be delighted to welcome you at our booth #41.

For the very first time, the two leading Consulting firms for the Financial Services sector, K. Treppides & Co and MAP S.Platis, are coming together for the must-attend event of the year.

Executive Board member of the European Central Bank ("ECB") Peter Praet discusses the European monetary and financial outlook at the Levy Economics Institute's 26th Annual Hyman P. Minsky Conference in New York.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the CIFs that further to Circular C100, the form for the collection of complaints will be revised, starting from April 2017. 

The Cyprus Securities and Exchange Commission's ("CySEC") Chairwoman Ms. Demetra Kalogerou held a closed, invite-only meeting with senior executives of allCyprus based retail FX and binary options firms. 

The European Securities and Markets Authority ("ESMA") published an update to its Questions and Answers on the application of the credit rating agencies regulation, adding a new section on Disclosure and Presentation of Credit Ratings. 

The European Securities and Markets Authority ("ESMA") established five Memoranda of Understanding ("MoUs") under the European Markets Infrastructure Regulation ("EMIR").

The Cyprus Securities and Exchange Commission ("CySEC") published additional guidance, following Circular C168, on the types of bonus incentives not permissible to be offered to retail clients by Cyprus Investment Firms ("CIFs").

The European Banking Authority (EBA) published its final Guidelines on liquidity coverage ratio ("LCR") disclosure.

The European Banking Authority ("EBA") published its 11th report of the CRD IV - CRR/Basel III monitoring exercise on the European banking system.

The Cyprus Securities and Exchange Commission ("CySEC") wishes to inform the Administrative Services Providers ("the ASPs") in regards to the electronic submission of information for the year 2016.

We would like to inform you that following relevant developments in international tax matters, the Cyprus Tax Department has notified its intention to abolish the minimum net profit margins applicable for back to back transactions as from 01/07/2017.

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.