Summary of CySEC's Circular C570
Memo #23-2023
CySEC Circular No: C570
Date: 02/05/2023
Subject: EU Council's Restrictive Measures against Russia due to its military aggression against Ukraine – New reporting obligations
Purpose: To draw the attention to Regulated Entities regarding the EU Commission published FAQs for the new reporting obligations, as introduced in the Tenth sanctions package.
In Summary:
CySEC has issued the Circular C570 on 28/04/2023 to draw the attention to 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 published FAQs by the European Commission on the new reporting obligations, as introduced in the Tenth sanctions package adopted by the Council of the European Union (EU Council) against Russia due to its military aggression against Ukraine.
The new reporting obligations are relevant to Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014, as published in the Official Journal of the European Union, dated 25 February 2023.
This Circular C570 is issued further to the CySEC's Circular C555.
This Circular refers to questions of the EU Commission FAQs that address issues from the new reporting requirements of Article 8 of Council Regulation (EU) No. 269/2014 and Article 5a of Council Regulation (EU) No. 833/2014.
CySEC notes that all Regulated Entities that are affected by the new reporting obligations 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 European Commission consolidated version of the FAQs can be found on the following link: https://finance.ec.europa.eu/system/files/2023-04/faqs-sanctions-russia-consolidated_en.pdf
The Official Journal of the European Union 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
Read the CySEC Circular C570
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