Summary of CySEC's Circular C517
Memo #28-2022
CySEC Circular No: C517
Date: 15/06/2022
Subject: EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine – EU adopts sixth package of sanctions
Purpose: To draw the attention of the Regulated Entities to the additional restrictive measures of the Council of the European Union, dated 3 June 2022, imposed against Russia.
In Summary:
CySEC has issued the Circular C517 on 15/06/2022 to draw the attention of the CIFs, ASPs, UCITS Management Companies, Internally managed UCITS, AIFMs, Internally managed AIFs, Internally managed AIFLNPs, Companies with sole purpose the management of AIFLNPs, Small AIFMs under Law 81(I)/2020 and Crypto Asset Service Providers, to the additional restrictive measures of the Council of the European Union, dated 3 June 2022, imposed against Russia due to its military aggression against Ukraine.
The said restrictive measures, namely COUNCIL REGULATION (EU) 2022/879 of 3 June 2022, amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine, provides for amendments on existing prohibitions, as well as the introduction of new prohibitions.
This Circular C517 refers to the articles that have been amended/introduced.
CySEC notes that all Regulated Entities that are affected by the said restrictive measures are expected to inform CySEC by Tuesday, 21 June 2022, at the latest, using the email address aml@cysec.gov.cy, regarding the appropriate actions/measures taken or intended to be taken by the Regulated Entity for compliance with the amended/introduced articles, if applicable.
CySEC also notes for the continuous obligation of the Regulated Entities to report to CySEC the existence of business relationships with persons or entities subject to the EU Council's Restrictive Measures against Russia.
Furthermore, CySEC reminds the Regulated Entities to continuously monitor the Section entitled "Sanctions/Restrictive Measures" on CySEC’s website and the EU Council’s website for guidance on the implementation of EU Council’s Restrictive Measures, including relevant FAQs, which are continuously updated.
The COUNCIL REGULATION (EU) 2022/879 of 3 June 2022, amending Regulation (EU) No 833/2014 can be found at the following link:
Read the CySEC Circular C517
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