FCA UK – Brexit Countdown

FCA UK – Brexit Countdown for UK financial services sector
 

Issued on 24 December 2020 

With one week to go until the end of the Brexit transition period, the FCA is urging financial services companies to ensure they are ready. Customers should also be aware of any changes that may apply to them. Irrespective of the outcome of the negotiations between the UK and the EU on a free trade agreement, firms will need to be prepared for the end of the transition period.

Read more

Corner

CySEC – Circular 418

CySEC – Circular 418

The Cyprus Securities and Exchange Commission has issued a Circular 418 on 27th of November 2020, with subject of (Enhancement of procedures regarding safeguarding of client funds held by CIFs)

Read more

FCA UK – Cutover plan for firms migrating to FCA FIRDS and FITRS after the Brexit transition period

FCA UK – Cutover plan for firms migrating to FCA FIRDS and FITRS after the Brexit transition period
 

At the end of the transition period on 31 December, the EU Securities & Markets Authority (ESMA) will switch off the FCA’s access to 2 key systems that are needed to operate the MiFID regime. 

The FCA has built equivalent systems for UK MiFID reporting – the FCA Financial Instruments Transparency System (FCA FITRS) and FCA Financial Instruments Reference Data System (FCA FIRDS).

Firms can currently use these systems for testing, however both systems will be unavailable from 16 December 2020 until 2 January 2021 while they rebuild their data.

Find out more about the cutover plan for FCA FIRDS and FCA FITRS.

white-elegant-texture-background-with-lines_23-2148428061

FSA Seychelles – Circular No 13 of 2020

FSA Seychelles – Circular No 13 of 2020  

 

The Financial Services Authority (FSA) of Seychelles has issued the Circular No 13 on the 13th of October 2020, with subject of (Acceptance of digitally signed documents) and the aim of notifying all stakeholders of the Financial Services Authority’s (“the Authority”) acceptance of electronic documents that have been digitally signed, in accordance with the Seychelles’ legislations.

Read more

Corner

CySEC – Circular 419

CySEC – Circular 419 – Regulation (EU) No 2017/2402

The Cyprus Securities and Exchange Commission has issued a Circular 419 on 2nd of December 2020, with subject of (Regulation (EU) No 2017/2402 on creating a single framework for simple, transparent and standarised securitisation), which relates to the following Regulated Entities:

  1. Cyprus Investment Firms (CIFs)
  2. Alternative Investment Fund Managers (AIFMs)
  3. UCITS and UCITS management companies
  4. Third party certification service providers
  5. Securitisation Special Purpose Entities (SSPEs)1

Read more

Corner

CySEC – Circular 416

CySEC – Circular 416 

 

The Cyprus Securities and Exchange Commission has issued a Circular 416 on 10th of November 2020, with subject of (Business relationship with persons who have acquired Cypriot citizenship under the Cyprus Investment Program (CIP)), which relates to the following Regulated Entities: 

  1. CIFs
  2. ASPs
  3. UCITS Management Companies
  4. Internally managed UCITS
  5. AIFMs
  6. Internally managed AIFs
  7. Internally managed AIFLNPs
  8. Companies with sole purpose the management of AIFLNPs

Read more

Corner

CySEC – Circular 410

CySEC – Circular 410

 

The Cyprus Securities and Exchange Commission has issued a Circular 410 on 26th of October 2020, with subject of (Information to be submitted on the basis of the ESAs Joint Guidelines on Cooperation and Information Exchange between the Supervisory Authorities of Credit and Financial Institutions – (the ‘’AML / CFT Colleges Guidelines”)), which relates to the following Regulated Entities: 

  1. Cyprus Investment Firms (‘CIFs’)
  2. Branches of Investment Firms, located in Cyprus, where their head office is situated in another Member State or in a third country
  3. Undertakings for Collective Investment in Transferable Securities (‘UCITS’)
  4. UCITS Management Companies (‘UCITS MC’)
  5. Alternative Investment Fund Managers (‘AlFMs’)
  6. Alternative Investment Funds (‘AIFs’)
  7. Alternative Investment Funds with a Limited Number of Persons (‘AIFLNPs’)
  8. Companies with sole purpose the management of AIFLNPs

Read more