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maprms
On the 24th November 2020, Central Bank of Cyprus (‘CBC’), acting as the macroprudential authority of Cyprus has notified all Cypriot Investment Firms (‘CIFs’) about the latest decision to set the Countercyclical Capital Buffer (‘CCyB’) rate at 0% on risk exposure amount on exposures in Cyprus for the period 1 January 2021 to 31 March...
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On November 25, 2020, the Cyprus Securities and Exchange Commission (‘CySEC’) issued Circular C417 “Prudential treatment of crypto assets and enhancement of risk management procedures associated with crypto assets” which provides additional information to Cyprus Investment Firms (‘CIFs’) on issues relating to crypto assets and their associated financial instruments.
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On 6 October 2020, the UK’s Financial Conduct Authority (FCA) published the final rules banning the sale and distribution of derivatives and exchange traded notes (ETNs) that reference certain types of crypto securities to retail clients
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ESMA issued on the 2nd of September 2019 the final report on the Guidelines on Liquidity Stress Testing (LST) in UCITS and AIFs in order to address liquidity risks in investment funds. The Guidelines will become applicable on the 30th of September 2020 and are supplementary to the requirements on liquidity stress testing by the...
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The European Parliament on 16 April 2019 has adopted a new, comprehensive regulatory regime for investment firms: the Investment Firm Directive (“IFD“) and Investment Firm Regulation (“IFR“) are intended to replace the existing applicable regulation for investment firms. While small and “non-interconnected” firms in particular will benefit from less regulation, the legislation for “systemically relevant”...
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The Basel III reforms implemented by CRR 2 (Regulation (EU) 2019/876) and CRD 5 (Directive (EU) 2019/878) include an overhaul of the market risk regime, new capital rules for derivatives and securities financing transactions, a binding leverage ratio and supplemental leverage requirement. Although the changes ostensibly apply to Capital Requirements Regulation (CRR) investment firms as...
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In February 2020, the Cyprus Securities and Exchange Commission (CySEC) issued Circular C351 which introduces the Recovery Plan requirements for CIFs that fall within the scope of section 10(1) of the Investment Services Law. The Recovery Plan aims to identify and prepare the actions which may be taken by a CIF to recover its financial...
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Basel III aims to considerably increase both the quality and quantity of capital of credit institutions and investment firms with the ultimate aim of improving loss-absorption capacity in both going concern and liquidation scenarios. It also intends to reduce systemic risk. The implementation of Basel III in Europe occurred via CRD IV, which is divided...
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The EU Bank Recovery and Resolution Directive 2014/59/EU (“BRRD”) of the European Parliament and Council of 15 May 2014 establishes a framework for recovery and resolution of credit institutions and large investment firms (required to hold initial capital of at least Euro 730,000). Its scope of application also includes EU-based parent and intermediate financial holding companies, as...
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