Summary of CySEC's Circular C511
Memo #23-2022
CySEC Circular No: C511
Date: 11/05/2022
Subject: EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine – Existing Trusts and/or Existing Similar Legal Arrangements
Purpose: To inform ASPs that they must examine their records and inform CySEC in relation to trusts.
In Summary:
CySEC has issued the Circular C511 on 10/05/2022 to call the Administrative Service Providers (‘ASPs’) to examine their records and to inform CySEC in relation to the number:
i. of existing trusts or similar legal arrangements described in paragraph 1 of Council Regulation (EU) 2022/576 taking into account the exceptions given in paragraph 4 of Council Regulation (EU) 2022/576,
ii. of existing trusts or similar legal arrangements described in paragraph 1 of Council Regulation (EU) 2022/576, in which the trustee or beneficiary is a Russian national or natural person residing in Russia and in addition, is a United Kingdom national or a natural person having temporary or permanent residence permit in the United Kingdom.
This is in relation with article 5m of Council Regulation (EU) 2022/576 of 8 April 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (paragraphs 1 and 4).
The said restrictive measures impose, inter alia, restrictions on trusts.
CySEC informs that the ASPs are required to inform the CySEC, as soon as possible and no later than Friday, 13 May 2020, at aml@cysec.gov.cy, about the results of their record examination.
CySEC reminds the ASPs to continuously monitor the "Sanctions/Restrictive Measures" section on CySEC’s website and the EU Council website for guidance on the implementation of the EU Council’s Restrictive Measures, including the relevant FAQs which are constantly updated, as a good practice.
The Council Regulation (EU) 2022/576 can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022R0576&from=EN
Read the CySEC Circular C511
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