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.
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)
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.
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.
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:
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:
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:
