Summary of CySEC's Circular C574
Memo #28-2023
CySEC Circular No: C574
Date: 19/05/2023
Subject: ESMA launches a Common Supervisory Approach with NCAs on the application of MiFID II disclosure rules with regard to marketing communications across the European Union (EU)
Purpose: To inform CIFs that CySEC is planning to conduct on-site visits and/or desk desk based reviews within the scope of the CSA 2023 launched by ESMA with NCAs.
In Summary:
CySEC has issued the Circular C574 on 19/05/2023 to inform the Cyprus Investment Firms (CIFs) that the European Securities and Markets Authority (ESMA) has launched the Common Supervisory Action 2023 (CSA 2023) with national competent authorities (NCAs).
The CSA 2023 is on the application of MiFID II disclosure rules regarding marketing communications across the European Union (EU).
CySEC informs that is planning to conduct on-site visits and/or desk based reviews on a sample of CIFs that fall within the scope of the said CSA providing investment services to retail clients, during the second half of 2023.
CySEC further informs that, for the purposes of the CSA 2023, CySEC will consider the following regulatory framework:
a) Articles 17(3), 17(5) and 25(3) of Law 87 (I) / 2017
b) Articles 21, 44, 46(5) and 46(6) of MiFID II Delegated Regulation (DR)
CySEC notes that expects CIFs to adhere to the content of this Circular C574 as this will form part of CySEC’s supervisory review for the purpose of the 2023 CSA.
The CSA 2023 can be found on the following link: https://www.esma.europa.eu/press-news/esma-news/esma-and-ncas-look-marketing-financial-products
Read the CySEC Circular C574
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