Yesterday, the Cyprus Securities and Exchange Commission (CySEC) has announced its main priorities and supervisory activities for 2021. These have been outlined by CySEC as follows.
For Cyprus Investment Firms (CIFs)
Continuous monitoring of high risk and medium-high risk CIFs in relation to their regulatory obligations which govern their operations and monitoring of medium-to-low and low-risk CIFs focusing on areas that entail significant risks to investors or market stability.
Monitoring the compliance of CIFs with the reporting requirements as required under MiFIR, EMIR, CSDR, SFTR and Securitisation Regulations.
Analysis of current events related to the sector and investigating drivers of poor outcomes for investors and market stability. Such topics include:
- product governance requirements;
- obligations to provide certain information to clients or potential clients, including marketing communications;
- appropriateness and suitability assessment requirements;
- obligations in regard to the national product intervention measures in relation to the marketing, distribution or sale of CFDs and Binary Options;
- transparency requirements;
- cost and charges requirements;
- governance requirements;
- clients’ funds requirements; and
- enhancing the quality of data for the various reporting regimes.
For Collective Investment Undertakings and their Managers
- UCITS liquidity risk management requirements;
- UCITS cost and fees requirements focusing on ongoing charges;
- AIF valuation policies and procedures requirements; and
- AIF requirement of raising of minimum capital from investors.
How can Complyport EU (formerly MAP S.Platis) assist you?
Complyport EU (formerly MAP S.Platis) can assist in one or more of the following ways:
- Conduct compliance health-checks on areas such as product governance, conduct of business, organisational requirements, transaction reporting, information to clients (including costs and charges), marketing, clients’ funds, KIDs, suitability/appropriateness assessment, product intervention measures and governance.
- Provide tailored rectification measures best suited for each firm’s modus operandi.
- Develop a tailored and practical action plan for compliance;
- Update existing policies and procedures;
- Draft new policies and procedures;
- Provide answers to queries (Q&A service);
- Train and educate on new and existing regulatory requirements.
