Summary of CySEC's Circular C447
Memo #22-2021
CySEC Circular No: C447
Date: 17/05/2021
Subject: ESMA Guidelines (ESMA35-36-1952) on certain aspects of the MiFID II compliance function requirements
Purpose: To inform Regulated Entities that ESMA has published the Guidelines on certain aspects of the MiFID II compliance function requirements.
In Summary:
CySEC has issued the Circular C447 on 17/05/2021 to inform the Cyprus Investment Firms (‘CIFs’), UCITS Management Companies (‘UCITS MC’) and the Alternative Investment Fund Managers (‘AIFMs’), that the European Securities and Markets Authority (ESMA) has published the Guidelines on certain aspects of the MiFID II compliance function requirements (‘the Guidelines’), on 6 April 2021 translated in all official languages of the EU.
The Guidelines replace the previous ESMA guidelines on the same topic issued in 2012.
The Guidelines apply in relation to the requirement of the Regulated Entities who, as part of their obligations under the Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’), must ensure that the compliance function fulfils the requirements set out in Article 22 of MiFID II Delegated Regulation 565/2017 by maintaining an efficient compliance function in accordance with Article 17(2) of the Law.
The Guidelines apply from two months of the date of publication of the guidelines on ESMA’s website in all EU official languages, i.e. 07 June 2021.
CySEC informs that adopts the Guidelines by incorporating them into its supervisory practices and regulatory approach.
CySEC also notes that Regulated Entities must take the necessary actions in order to ensure their compliance with the Guidelines.
The Guidelines can be found on the following link: https://www.esma.europa.eu/sites/default/files/library/guidelines_on_certain_aspects_of_mifid_ii_compliance_function_requirements.pdf
