Summary of CySEC's Circular C486
Memo #04-2022
CySEC Circular No: C486
Date: 09/02/2022
Subject: Updated entry into force of Delegated Regulation (EU) 2018/1229 and ESMA Guidelines (ESMA70-151-2906) on standardised procedures and messaging protocols under Article 6(2) of Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories
Purpose: To inform the CIFs that the Delegated Regulation (EU) 2018/1229 entered into force.
In Summary:
CySEC has issued the Circular C486 on 08/02/2022 to inform the Cyprus Investment Firms (the “CIFs”) that the Delegated Regulation (EU) 2018/1229 (the “Delegated Regulation”), entered into force on 1 February 2022 in accordance with the Delegated Regulation (EU) 2021/70.
The Delegated Regulation was due to enter into force on 1 February 2021, however due to the COVID-19 pandemic, this was postponed.
CySEC also informs that the application of the ESMA Guidelines on standardised procedures and messaging protocols (the “Guidelines”) under Article 6(2) of CSDR on improving securities settlement in the EU and on CSDs as supplemented by Article 2 of Commission Delegated Regulation (EU) 2018/1229 came into effect from the date of entry into force of the Delegated Regulation, i.e. 1 February 2022.
CySEC reminds CIFs that under Circular C387, CySEC adopted the Guidelines by incorporating them into its supervisory practices and informs the CIFs that they must take the necessary action in order to ensure their compliance with the requirements of Article 6(2) of the Regulation, as clarified with Article 2 of the Delegated Regulation.
The Delegated Regulation (EU) 2018/1229 can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32018R1229&rid=1
The Delegated Regulation (EU) 2021/70 can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R0070&from=EN
The Central Securities Depositories Regulation (EU) 909/2014 can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R0909&from=EN
The ESMA Guidelines on standardised procedures and messaging protocols under Article 6(2) of Regulation (EU) No 909/2014 can be found on the following link: https://www.esma.europa.eu/sites/default/files/library/esma70-151-2906_guidelines_on_csdr_art_6_en.pdf
Read the CySEC Circular C486
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