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ICAS
July Newsletter - Issue 28/2021
Take Action
CySEC
Enhancement of procedures regarding safeguarding of client funds held 
by CIFs
14 July 2021
The present Circular is issued pursuant to section 25(1)(c)(ii) & (iii) of the Cyprus Securities and Exchange Commission Law ("the CySEC Law"). The Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform the regulated entities that is amending CySEC’s Circular C418 ‘Enhancement of procedures regarding safeguarding of client funds held by CIFs’ by deleting paragraph 10. 
Circular: C458
Announcements
EBA
The EBA welcomes European Court of Justice ruling supporting EBA guidelines on product oversight and governance 
15 July 2021
The European Banking Authority (EBA) welcomed the judgment by the European Court of Justice establishing the validity of its Guidelines on Product Oversight and Governance. This Court ruling supports the EBA’s ability to reduce the prudential impact of misconduct for financial institutions and to protect consumers from banking products that are not fit for purpose. The EBA will continue to establish high quality standards for the banking sector and EU citizens.   For more information please press 
here.
Market News
Bloomberg
U.S. Stock Futures Advance With Earnings in Focus: Markets Wrap
16 July 2021
"U.S. stock-index futures rose with Treasury yields as investors assessed the earnings upshot of economic reopening and the outlook for Federal Reserve support in the face of high inflation. Contracts on the Russell 2000 Index advanced 0.5%, while S&P 500 Index futures reversed losses of as much as 0.3%. Moderna Inc. jumped in premarket trading after the vaccine maker was named to the U.S. equity benchmark. The 10-year Treasury yield pared its third weekly decline. Bitcoin ground lower for a second day. Investors turned their attention to corporate earnings, with optimism over resurgent consumer demand tempered by the spread of the coronavirus delta variant. The outlook for stocks was held up by repeated assurances from Fed Chair Jerome Powell that the post-lockdown surge in inflation didn’t yet warrant a tapering of stimulus. " For more information please press 
here.
Reuters
U.S. to sanction Chinese officials and warn companies over Hong Kong -sources
16 July 2021
"The United States is preparing to impose sanctions on Friday on a number of Chinese officials over Beijing's crackdown on democracy in Hong Kong, as well as a warning to international businesses operating there about deteriorating conditions, two people with knowledge of the situation told Reuters. The sources said the financial sanctions would target seven officials from China's Hong Kong liaison office, the official platform which projects Beijing's influence into the Chinese territory. A separate updated business advisory issued by the State Department would highlight U.S. government concerns about the impact on international companies of Hong Kong's national security law. Critics say Beijing implemented that law last year to facilitate a crackdown on pro-democracy activists and free press." For more information please press 
here.
Financial Times
Credit rating upgrades hit record pace as US economy rebounds
16 July 2021
"
Credit rating agencies are upgrading hundreds of billions of dollars of US corporate debt, in a partial reversal of the downgrades at the outset of the pandemic that reflects the strong rebound in profitability across much of corporate America. Roughly $361bn of higher-rated, investment grade bonds have been upgraded in the past two months, including a record $184bn in June, according to data from Bank of America. The brisk pace shows credit rating agencies such as S&P Global, Moody’s and Fitch believe the economic recovery spurred by vaccine rollouts has made corporate debt piles more manageable. It also reflects the abundant liquidity and low borrowing costs available to many companies, in part thanks to monetary stimulus from the Federal Reserve." For more information please press here.
Cryptocurrencies
Reuters
Pakistan moves to bring cryptocurrency boom out of the dark
16 June 2021
"Pakistan has seen a boom in trading and mining cryptocurrency, with interest proliferating in thousands of views of related videos on social media and transactions on online exchanges. While cryptocurrency is not illegal in Pakistan, the global money laundering watchdog, the Financial Action Task Force (FATF), has called on the government to better regulate the industry. Pakistan is on the FATF's grey list of countries it monitors for failing to check terror financing and money laundering. In response, the federal government has set up a committee to study cryptocurrency regulation, which includes observers from the FATF, federal ministers, and heads of the country's intelligence agencies." For more information please press 
here.
Regulatory Reporting Solutions
Treppides Regulatory Reporting offers extensive reporting solutions under EMIR, MIFID, CRD IV, FATCA, CRS, REMIT towards MiFID II / MiFIR and CRS in all EU/ESMA jurisdictions like Cyprus (CySEC) and UK (FCA) and soon will also comply with foreign jurisdictions such as ASIC DTR. 

Contact us directly at info@treppidesrr.com to discuss your tailor made solution.

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Malta


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