Summary of CySEC's Circular C555
Memo #09-2023
CySEC Circular No: C555
Date: 23/03/2023
Subject: EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine – Tenth sanctions package
Purpose: Re-issuing Circular C551 regarding new reporting obligations, following the amendments of Article 8 of Regulation (EU) No. 269/2014 and Article 5a of Regulation (EU) No. 833/2014.
In Summary:
With this Circular C555, issued on 22/03/2023, CySEC is re-issuing Circular C551 to draw the attention of the Regulated Entities to the new reporting obligations, following the amendments of Article 8 of Regulation (EU) No. 269/2014 and Article 5a of Regulation (EU) No. 833/2014.
The amendments are published in the Official Journal of the European Union, dated 25 February 2023.
This Circular C555 includes the relevant amendments of both articles.
According to Circular C555, in summary, the amended Article 8 of Council Regulation (EU) No. 269/2014 is introducing more detailed reporting obligations on funds and economic resources belonging to listed individuals and entities which have been frozen or were subject to any move shortly before the listing, while specifying when and how the information on funds and economic resources frozen should be reported to the competent authorities. The amended Article 5a of Council Regulation (EU) No. 833/2014 is also introducing new reporting obligations to the Member States on immobilized reserves and assets of the Central Bank of Russia.
CySEC informs that, considering the new and continuous reporting obligations, relevant to the amendments of Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014, Regulated Entities that are affected by these amendments 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.
The Official Journal of the European Union, dated 25 February 2023, can be found on the following link:
CySEC’s Circular C551 can be found on the following link:
Read the CySEC Circular C555
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