Category

Regulatory Updates
18
Nov

Upcoming Deadline for DORA Compliance: Prepare Your Registers of Information

November 18, 2024
The European Supervisory Authorities (ESAs) have announced critical timelines for financial entities to submit their registers of information on contractual arrangements with ICT third-party service providers, as required under the Digital Operational Resilience Act (DORA). Key Information Submission Deadline: Financial entities must ensure their registers of information are prepared and submitted to competent authorities ahead...
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01
Aug

European Artificial Intelligence Act Enters into Force

August 1, 2024
August 1st marks a significant milestone with the implementation of the European Artificial Intelligence Act (AI Act), the world’s first comprehensive regulation on artificial intelligence (AI). This landmark legislation ensures that AI developed and used in the European Union (EU) is trustworthy, safeguarding fundamental rights. The AI Act aims to establish a unified internal market...
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25
Apr

Circular C639: Voluntary Dry Run Exercise to prepare industry for the next stage of Digital Operational Resilience Act (DORA) implementation

April 25, 2024
The Cyprus Securities and Exchange Commission (the ‘CySEC’) on April 24th, 2024 issued Circular C639, regarding the Voluntary Dry Run Exercise to prepare industry for the next stage of Digital Operational Resilience Act (DORA) implementation (the ‘Circular’). Through this Circular, CySEC wishes to notify Regulated Entities* about the upcoming voluntary exercise initiated by the European...
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19
Apr

Circular C633: Notification of errors and omissions to CySEC in accordance with Article 9 of Regulation (EU) 2022/1860 laying down implementing technical standards for the application of Regulation (EU) No 648/2012

April 19, 2024
The Cyprus Securities and Exchange Commission (the “CySEC”) on the 16th of April 2024 issues Circular C633 on the Notification of errors and omissions to the Cyprus Securities and Exchange Commission in accordance with Article 9 of Regulation (EU) 2022/1860 laying down implementing technical standards for the application of Regulation (EU) No 648/2012 (‘Regulation 2022/1860’)...
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21
Mar

Konkrit Solutions: Your Guide Through the New EU AI Regulations

March 21, 2024
The European Union (EU) is on the edge of a significant regulatory transformation with proposed rules outlined by the European Council, marking a crucial moment in the governance of artificial intelligence (AI). These regulations are set to reshape the landscape of AI usage and oversight, significantly impacting businesses involved in AI operations across various industries....
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06
Feb

Circular C619: ESMA Guidelines on transfer of data between Trade Repositories under EMIR and SFTR (ESMA 74-362-2351)

February 6, 2024
The Cyprus Securities and Exchange Commission (the “CySEC”) on the 5th of February 2024 issues Circular C619 on ESMA Guidelines on transfer of data between Trade Repositories under EMIR and SFTR (ESMA 74-362-2351) (the “Circular”). Further to the issuance of the Circular, CySEC wishes to remind the Regulated Entities* that the European Securities and Markets...
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26
Jan

Circular C616: ESMA Guidelines for reporting under EMIR (ESMA74-362-2281)

January 26, 2024
The Cyprus Securities and Exchange Commission (CySEC) issues Circular C616 as a reminder to Regulated Entities about the recent publication of the European Securities and Markets Authority (ESMA) Guidelines for reporting under the European Market Infrastructure Regulation (EMIR). These comprehensive guidelines, officially released on October 23, 2023, and translated into all EU official languages, aim...
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17
Jan

ESAs publish first set of rules under DORA for ICT and third-party risk management and incident classification

January 17, 2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today the first set of final draft technical standards under the DORA aimed at enhancing the digital operational resilience of the EU financial sector by strengthening financial entities’ Information and Communication Technology (ICT) and third-party risk management and incident reporting frameworks. The joint final...
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10
Nov

ESMA’s Announcement on the Strategic Shift Towards Cyber Resilience and ESG Transparency

November 10, 2023
On November 9th, 2023, the European Securities and Markets Authority’s (the “ESMA”) published an  Announcement putting the cyber risk as a new Union Strategic Supervisory Priority (the “Announcement”). Further to the Announcement, ESMA is changing its Union Strategic Supervisory Priorities (the “USSPs”) to focus on cyber risk and digital resilience alongside ESG disclosures. Pursuant to...
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12
Oct

Circular C601: EBA’s Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849

October 12, 2023
On October 12th, 2023, the Cyprus Securities and Exchange Commission (the “CySEC”) issued Circular C601 on EBA’s Guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849 (the “Circular”). Further to the issuance of CySEC’s Circular C479 in relation to the public consultation by the European Banking Authority (the...
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