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ICAS
March Newsletter - Issue 60/2020
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CySEC
COVID-19 - Business Continuity and Disaster Recovery Plans
12 March 2020
The Cyprus Securities and Exchange Commission (the “CySEC”) wishes, with this Circular to inform the Cyprus Stock Exchange ("CSE") that it is actively following the developments related to the coronavirus disease 2019 ("COVID-19") and the impact that it may impose to its operations. Therefore, CySEC encourages the CSE to review its business continuity and disaster recovery systems, in response to the outbreak of the virus and make the necessary amendments ensure the continuity of its orderly trading conditions. With regard to the aforesaid considerations, CySEC anticipates that the CSE will take the necessary steps to prepare for and minimize possible business disruptions by identifying key operations risks.
Circular: C362
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CySEC
ESMA launches a Common Supervisory Approach with NCAs on MiFID II Suitability rules
06 March 2020
The CySEC wishes, with this circular, to inform the Regulated Entities that the European Securities and Markets Authority ("ESMA") published on February 5, 2020 an announcement regarding the 2020 Common Supervisory Approach ("CSA") on "MiFID II suitability requirements".
Circular: C359
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CySEC
New prudential framework for investment firms
06 March 2020
The CySEC wishes to inform the wishes to inform the Cyprus Investment Firms ("CIFs") and the market participants in general that on the 5th of December 2019 the new prudential framework for investment firms, which will replace the existing prudential requirements of investment firms currently set out in the Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment Firms (the "CRR") and the European Directive 2013/36/EU (the "CRD IV"), was published in the Official Journal of the European Union. The new prudential framework comprises of Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (the "IFR"), and Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (the "IFD"). The IFR becomes directly applicable in all EU Member States on June 26, 2021. The IFD should be transposed into national legislation by June 26, 2021 and will be in force from June 26, 2021.
Circular: C355
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Announcements
EBA
Statement on actions to mitigate the impact of COVID-19 on the EU banking sector

 
12 March 2020
The outbreak of COVID-19 ("Coronavirus") and its global spread since February has created significant immediate challenges to society and risks for the economic outlook. Although the long-term magnitude of the economic shock cannot yet be quantified, it will likely dampen economic activity. Since the financial crisis, European banks have strengthened their capital position, built up solid liquidity buffer and improved the quality of the assets on their balance sheets. EU banks have implemented measures to ensure business continuity and adequate service to their customers, but they are facing operational challenges, hence the need to focus on their core operations and critical functions. Supervisors are working with banks as they maintain their support to household and corporate sectors, particularly to small and medium enterprises, and ensure that the basic needs of their customers are satisfied. The European Banking Authority ("EBA"), along with national competent authorities ("CAs") and the European Central Bank, is coordinating a joint effort to alleviate the immediate operational burden for banks at this challenging juncture. The EBA recommends CAs to make full use, where appropriate, of the flexibility embedded in the regulatory framework to support the banking sector. For more information please press here.
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ESMA
Recommends action by financial market participants for COVID-19 impact
11 March 2020
The European Securities and Markets Authority ("ESMA"), together with National Competent Authorities ("NCAs"), is closely monitoring the situation in view of the continuing impact of the COVID-19 outbreak on financial markets in the European Union ("EU"). For more information please press here.
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Other Alerts
ESMA
Consults on MIFIR transparency regime for non-equity instruments

 

10 March 2020
The ESMA, the EU’s securities markets regulator, has launched a Consultation Paper ("CP") reviewing the transparency regime for non-equity instruments and the trading obligation for derivatives under the Market in Financial Instruments Regulation ("MiFIR"). For more information please press here.
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Market News
Reuters
Stocks crash as pandemic panic sweeps markets
13 March 2020
"Global stock markets crashed on Friday, ending a years-long bull run, with coronavirus panic selling hitting almost every asset class and leaving investors nowhere to hide." For more information please press here.
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Financial Times
S&P 500 suffers its quickest fall into bear market on record
12 March 2020
"Wall Street’s equities benchmark took 16 sessions to close 20% below its peak." For more information please press here.
 
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Bloomberg
U.S. futures climb, bonds slip and dollar edges Up: Markets wrap
12 March 2020
"U.S. equity futures advanced with European stocks, helping stabilize markets following the worst Wall Street session since 1987. Treasuries slipped while the dollar edged higher." For more information please press here.
 
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Bloomberg Professional
Why OPEC-Russia blowup sparked all-out oil price war
11 March 2020
"First Russia tossed a hand grenade into global oil markets. Then Saudi Arabia dropped a bomb. After the dramatic collapse of an alliance between the OPEC oil cartel and Russia, a one-day plunge of more than 30% in oil prices sent shockwaves through global financial markets already reeling from the fallout of the coronavirus epidemic. The blowup of Russia’s deal with the 13-member club of oil exporters — an alliance that has underpinned world oil prices for three years — triggered a sudden price war." For more information please press here.
 
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Cryptocurrencies
MarketWatch
Bitcoin plunges 26%, its sharpest selloff in 7 years
12 March 2020
"Cryptocurrencies were not immune to the coronavirus-related selloff on Wall Street on Thursday, as the price of bitcoin plummeted 26%, its worst daily selloff in seven years. Bitcoin BTCUSD, -10.011% was recently trading below $5,700, as the world’s largest digital currency by market cap has lost nearly a third of its value in the past five days, according to Coindesk data." For more information please press here.
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Regulatory Reporting Solutions
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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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