CySEC
National Risk Assessment on Money Laundering and Terrorist Financing Risks with respect to Virtual Asset and Virtual Asset Service Providers
21 December 2021
The Cyprus Securities and Exchange Commission ("the CySEC") wishes, with this Circular, to inform the Regulated Entities on the results of the National Risk Assessment (the "NRA") on Money Laundering and Terrorist Financing ("ML/TF") risks of Virtual Assets ("VA") Activities and Virtual Asset Service Providers ("VASPs"), which was published by the Ministry of Finance of the Republic of Cyprus.
CySEC
Public Consultation of the European Banking Authority on new draft Guidelines on the use of Remote Customer Onboarding Solutions
22 December 2021
With this Circular, CySEC wishes to inform Regulated Entities in relation to the Public Consultation of the European Banking Authority on new draft Guidelines on the use of Remote Customer Onboarding Solutions.
EBA
Publishes the methodology for investment firms to be reclassified as credit institutions
20 December 2021
The European Banking Authority ("EBA") published a package of two final draft regulatory technical standards ("RTS") regarding the reclassification of investment firms as credit institutions. These final draft RTS, which are part of the EBA’s roadmap for the implementation of a new prudential regime for investment firms, will provide clarity in the calculation of the EUR 30 bn threshold for investment firms looking to understand whether they should be applying for authorisation as a credit institution, as well as assist competent authorities in the monitoring of firms’ position triggering a reclassification. For more information please press here.
Market News
Reuters
Gold edges up as dollar weakens ahead of Christmas
23 December 2021
"Gold prices edged up on Thursday in thin year-end trading, as the safe-haven dollar weakened following encouraging studies on the Omicron COVID-19 variant and rising optimism about the global economic outlook. Spot gold rose 0.1% to $1,804.73 per ounce by 0625 GMT, adding about 0.5% for the week so far in what could be its second straight weekly gain. U.S. gold futures climbed 0.3% to $1,807.00." For more information please press here.
Bloomberg Oil Holds Near Four-Week High as Omicron Vies With Inventories
23 December 2021 "Oil held near the highest settlement in four weeks as traders weighed falling U.S. crude stockpiles against the threat to demand from the omicron virus variant. Futures in New York traded below $73 a barrel, though liquidity is dwindling heading into the holiday period. U.S. crude inventories dropped by 4.72 million barrels last week, according to government data, almost twice the median estimate in a Bloomberg survey. That offset some concerns about the impact of the omicron variant on global consumption." For more information please press here.
Financial Times
Global stocks rally after Omicron-induced wobble
21 December 2021
"Global stocks rebounded on Tuesday, although investors remained on edge over the prospect of fresh travel restrictions to combat the fast-spreading Omicron coronavirus variant." For more information please press here.
Cryptocurrencies
Bloomberg
Bitcoin Worth $15 Quintillion Is Just Another Day in Crypto
23 December 2021
"Cryptocurrencies made a giant leap in 2021, expanding well beyond their niche among geeks and Redditors. Wall Street strengthened its embrace, with Morgan Stanley Chief Executive Officer James Gorman declaring it no fad. New York Mayor-elect Eric Adams said he’ll initially get paid in Bitcoin. And tokenmania invaded pop culture, from sports, entertainment and gaming to high-end auctions. Even Major League Baseball umpires wore the FTX exchange’s logo on their chests. " 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.
