The Cyprus Securities and Exchange Commission (CySEC) is the authority responsible for the effective supervision of the securities market in Cyprus. As such CySEC must ensure the adequate implementation of legislative provisions by obliged entities, through continuous communication.
With this blog post, the Institute’s instructor, Evdokia Pitsillidou, aims to explain what is a CySEC Circular and its importance to regulated entities. For that purpose, a detailed course examining the Annual Review of Regulatory Updates and CySEC Circulars published in 2022 is offered through the IforPE platform.
At the end of this blog post, Evdokia shares with you the knowledge earned through the completion of the Annual Regulatory Updates and CySEC Circulars course and how it can be of use.
What is a CySEC Circular?
Every time CySEC wishes to communicate important information with its supervised entities, CySEC issues a Circular. In general, the purpose of a Circular can be
• to notify details on reporting obligations,
• to inform about legislative amendments,
• to guide law implementation,
• to draw the attention of entities to the deficiencies identified through its onsite or desk-based inspections.
Circulars can be addressed to specific types of obliged entities like Cyprus Investment Firms (CIF), Alternative Investment Fund Managers (AIFM), Management Companies (MC), Crypto-Asset Services Providers (CASP) or a combination of them.
They are published through the CySEC website and obliged entities must ensure that they remain informed and in compliance with any regulatory obligations mandated therein.
What is the importance of a CySEC Circular?
As soon as a Circular is published CySEC considers that it has been communicated with the regulated entities under its supervision. In turn, CIF, AIFM, CASP and other CySEC regulated entities, must ensure that they are aware of each circular’s content, and examine whether they are affected in any way. Moreover, they must identify the exact actions required to be taken and initiate the appropriate procedures to achieve compliance.
What is the Annual Regulatory Updates and CySEC Circulars course and what does it include?
Lastly, the CySEC Circulars and the actions taken by the Company for the year under review shall be included in the Annual reports presented to the Board of Directors by the Anti-Money Laundering Compliance Officer (AMLCO), the Compliance Officer (CO) and Risk Manager (RM) of the regulated entity.
The Annual Review of Regulatory Updates and CySEC Circulars course has been prepared by SALVUS Funds and is delivered by their Risk & Compliance Director, Evdokia Pitsillidou. The course presents significant regulatory updates that occurred during 2022 and provides a detailed examination of each Circular issued by CySEC. Professionals working in the investment sector are updated on their regulatory obligations and informed of the exact actions required to be taken.
The SALVUS Regulatory Compliance team carries first-hand experience in adapting to regulatory changes and ensuring compliance for its regulated clients. Undertaking this course offers you a comprehensive overview of the legal framework developments and especially those introduced through the CySEC-issued circulars. Furthermore, the course can be a useful tool of reference for the preparation of regulatory annual reports including the Annual AMLCO Report, the Annual Compliance Report, and the Annual Risk Management Report, as these require a summary of key regulatory developments during the year.
The syllabus of the Annual Review of Regulatory Updates and CySEC Circulars course includes:
- The Lamfalussy process, ESMA & EU Supervisory Authorities
- The Lamfalussy process
- Level 1 & Framework Acts
- Level 2 & Delegated Acts
- Level 2 & Implementing Acts
- Level 3 & ESMA Guidelines
- Level 4 & Supervision of Member States by ESMA
- EU Supervisory Authorities
- Regulatory Framework
- Capital & Financial Markets
- Sustainable Finance
- Consumer Finance
- Financial Crime
- Regulatory Updates
- Laws & Directives
- Investment Services
- Alternative Investment Funds
- Undertaking for Collective Investments in Transferable Securities (UCITS)
- Prevention of Money Laundering and Terrorist Financing (ML/TF)
- 2022 Important Circulars
- 2022 Circulars - AML/CFT- 2022 Circulars - Prudential Supervision
- 2022 Circulars - MAR
- 2022 Circulars - RBSF
- 2022 Circulars - MiFID
- 2022 Circulars - Recovery Plans
- 2022 Circulars - Investment Funds (AIF, AIFLNP, RAIF, UCITS, AIFM, MC)
- 2022 Circulars - CSDR, Issuers & Benchmarks
- 2022 Circulars - General
The material of the Annual Review of Regulatory Updates and CySEC Circulars course is delivered in PDF slides and online video recordings, most suitable for self-paced learning. Learners undertaking this course are provided with the flexibility to learn wherever and whenever.
At the end of the course, learners have the opportunity to test their knowledge through a set of questions based on the covered material.
The completion of this course counts towards the Continuous Professional Development (CPD) annual requirements for professionals who are holders of the CySEC Advanced and Basic certifications.
If you have any questions about Evdokia's course or any other questions related to your training requirements, please contact us; we would love to help.