Summary of CySEC's Circular C551
Memo #07-2023
CySEC Circular No: C551
Date: 07/03/2023
Subject: EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine – Tenth sanctions package
Purpose: To draw the attention of Regulated Entities for new reporting obligations, following the amendments of Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014.
In Summary:
CySEC has issued the Circular C551 on 06/03/2023 to draw the attention of CIFs, ASPs, UCITS Management Companies, Internally managed UCITS, AIFMs, Internally managed AIFs, Internally managed AIFLNPs, Companies with sole purpose the management of AIFLNPs, Crypto Asset Service Providers, Small AIFMs under Law 81(I)/2020 and Cyprus Stock Exchange to the new reporting obligations, following the amendments of Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014.
The amendments of the above mentioned Articles published in the Official Journal of the European Union, dated 25 February 2023.
For ease of reference, CySEC quotes in this Circular C551 the amendments of the above mentioned Articles (Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014).
Furthermore, CySEC refers in this Circular C551 for the new reporting obligations in accordance to the above mentioned Articles.
CySEC informs that, considering the new and continuous reporting obligations, in accordance with the above mentioned Articles, all the Regulated Entities that are affected by the amendments of Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014 are expected to inform CySEC, within the set timeframes and according to the set manner, by using the email address EU.sanctions@cysec.gov.cy.
CySEC also notes that the regulated Entities should 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 the relevant Consolidated FAQs and the Consolidated List of Sanctions, which are continuously updated. In addition, CySEC notes that the European Commission has issued relevant Q&As for the Tenth sanctions package.
The Tenth sanctions package can be found on the following link: https://www.consilium.europa.eu/en/press/press-releases/2023/02/25/one-year-of-russia-s-full-scale-invasion-and-war-of-aggression-against-ukraine-eu-adopts-its-10th-package-of-economic-and-individual-sanctions/?utm_source=dsms-auto&utm_medium=email&utm_campaign=One+year+of+Russia%u2019s+full-scale+invasion+and+war+of+aggression+against+Ukraine%2c+EU+adopts+its+10th+package+of+economic+and+individual+sanctions
The Official Journal of the European Union, dated 25 February 2023, can be found on the following link: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L:2023:059I:FULL&from=EN
The Commission Consolidated FAQs on the implementation of Council Regulation No 833/2014 and Council Regulation No 269/2014 can be found on the following link: https://finance.ec.europa.eu/system/files/2023-03/faqs-sanctions-russia-consolidated_en.pdf
The Questions and Answers for the Tenth package of restrictive measures issued by the European Commission can be found on the following link: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_1187
Read the CySEC Circular C551
Read more news at Regulatory News
