Updates

K. Treppides & Co Ltd, the largest independent consulting firm in Cyprus, is pleased to announce the following appointments of Principals.

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. 

ESMA has issued an updated Q&A document regarding the implementation of the Market Abuse Regulation ("MAR").

EBA published its final Report on the implementation and design of the minimum requirements for own funds and eligible liabilities ("MREL"). 

We would like to bring to your attention that the Academy of K. Treppides & Co Ltd will offer an in-house seminar on the 20th of December 2016, in regards to updates on MiFID II and International Tax.

We would like to bring to your attention that the Academy of K. Treppides & Co Ltd will soon organize seminars for Payment Institutions (PIs) and Electronic Money Institutions (EMIs) on compliance and transparency matters.

CySEC wishes to inform the regulated entities about the ESMA guidelines on persons receiving market sounding under Market Abuse Regulation ("MAR").

We would like to inform all CIFs dealing with Forex, Binary Options or a combination of these products that, our office is available to discuss, assess and enhance your compliance and risk management techniques.

We would like to bring to your attention that the second installment of temporary tax for the year 2016 is due by 31 December 2016.

Further to our Newsletter Issue 06/2016, we would like to inform you that the House of Representatives has voted the Implementing Regulations in relation to the new Cyprus Intellectual Property (IP) Regime.

We would like to bring to your attention that certain amendments have been published in the official Gazette of the Republic of Cyprus on 27 October 2016 in relation to the introduction of the new Cyprus Intellectual Property (IP) Regime in accordance with the recent international developments and recommendations of BEPS Action 5 of the OECD.

BCBS has issued the 11th progress report on adoption of the Basel regulatory framework.

The European Securities and Market Authority ("ESMA") has published a public statement on issues for consideration in implementing International Financial Reporting Standard ("IFRS") 9 (Financial Instruments).

The European Banking Authority ("EBA") published its final Guidelines on the collection of information related to the internal capital adequacy assessment process ("ICAAP") and the internal liquidity adequacy assessment process ("ILAAP").

The Institute of Internal Auditors ("IIA") has published its revised Internal Audit Standards.

The Basel Committee on Banking Supervision ("BCBS") has issued the 11th progress report on adoption of the Basel regulatory framework.

We would like to bring to your attention that following the adoption of the "Anti - Tax Avoidance Directive" by the European Council on 12 July 2016, certain measures are to be incorporated in the national legislation of each Member State.

CySEC wishes to inform all interested parties, that it decided to suspend the "fast track" examination scheme for the examination of applications for authorisation.

K. Treppides & Co Ltd is pleased to announce the appointment of Mr. George P. Nicolaou as a Senior Manager of the Company, with effect as of 1 October 2016.

The European Banking Authority ("EBA") launched a consultation on its draft guidelines on the assessment of the Information and Communication Technology ("ICT") risk in the context of the Supervisory Review and Evaluation Process ("SREP").

CySEC announced a series of seminars for Continuous Professional Development for the period October to December 2016.

The Basel Committee on Banking Supervision ("BCBS") published reports assessing the implementation of the Basel risk-based capital framework and the Liquidity Coverage Ratio ("LCR") for Argentina and Korea.

The European Banking Authority ("EBA") and Basel Committee on Banking Supervision ("BCBS") published their results on the latest examination of the Basel III/CRR-CRDIV monitoring exercise. 

We would like to bring to your attention that Cyprus Tax Department issued an announcement informing that it is expected soon the House of Representatives to vote a legislation imposing an obligation to legal persons which are registered for VAT purposes in Cyprus, to submit their VAT returns (form V.A.T. 4) electronically through the TAXISnet system.

The Joint Committeee of the European Supervisory Authorities ("ESAs") published its September 2016 Report on Risks and Vulnerabilities in the EU Financial System. 

The MOSS system is applicable across all EU Member States and enables businesses to remain registered only in their Member State of identification instead of registering for VAT to all Member States in which the private customers are located.