July Newsletter - Issue 30/2021
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Reporting obligations (‘the AIFMD Reporting obligation’) under articles 4(3)(d) and 31(1), (2) and (4) of the Alternative Investment Fund Managers Law (the ‘AIFM Law’) as further specified with articles 5(3) and 110 of the Commission Delegated Regulation (EU) No 231/2013 with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision  (‘the Regulation’)
28 July 2021
Following Circular C404 relating to the AIFMD Reporting obligation, the Cyprus Securities and Exchange Commission (the ‘CySEC’), herein, wishes to draw the  attention of the AIFMs to the following: 
1. AIFMs are required to regularly review their policies and procedures in order to ensure compliance, at all times, with their reporting obligations under the AIFM Law and the Regulation. More specifically, AIFMs have an obligation to ensure the following:
i. Timely submission of valid AIFMD reports;
ii. Accuracy of information provided;
Circular: C459
Publishes clarifications to the sixth set of issues raised by its industry working group on Application Programming Interfaces under the Payment Services Directive (PSD2)
30 July 2021
The European Banking Authority (EBA) published clarifications to a sixth set of issues that had been raised by participants of its Working Group (WG) on Application Programming Interfaces (APIs) under the Payment Services Directive (PSD2). The clarifications respond to issues raised on authentication with electronic signatures, biometrics and authentication on mobile apps, preventing social engineering fraud, ability of payment initiation service providers to refuse a payer’s request to initiate a payment transaction, and complexity in the authentication process. For more information please press 
Market News
World stocks eye sixth month of gains, dollar near one-month low
30 July 2021
"Global shares tracked Asia lower on Friday but remain on course for their sixth straight month of gains as solid corporate earnings and central bank largesse keep sentiment intact, while the dollar held near a 1-month low. MSCI’s World index was down 0.3% in early European trading, leaving it broadly flat on the week, but up 1% for the month, just shy of a record high. Markets remain in a tussle, though, as a Chinese crackdown on its technology sector and surging cases of the Delta variant of coronavirus in Asia and elsewhere range against still-Dovish monetary policy and punchy earnings from a range of companies." For more information please press 
German Growth Disappoints But Spain and Italy Boom: GDP Update
30 July 2021
"Germany’s economy recorded a lackluster rebound in the second quarter, bucking a trend of greater momentum in the other major economies of the euro area. Output in the bloc’s largest economy grew 1.5%, missing the 2% estimate of economists surveyed by Bloomberg. The disappointing data followed strong rebounds in Italy and Spain, two of the region’s most vulnerable economies as they emerge from strict lockdowns that crippled economic activity. Italian gross domestic product expanded 2.7%, significantly beating economist expectations of 1.3%. With a 2.8% expansion, Spain also registered much stronger growth than expected. The French economy expanded by a smaller 0.9%, still beating estimates." For more information please press 
Financial Times
Natural gas crunch sends prices hurtling higher
30 July 2021
Natural gas prices in Europe and the UK have soared to some of the highest levels on record, threatening to raise costs for households and businesses as global supplies of the critical fossil fuel remain tight. In the UK, prices have risen above 100p a therm, the highest level since 2005 and a record for the summer. In Europe, prices have hit €40 per megawatt hour for the first time. A therm measures the amount of energy contained in natural gas and is sometimes used to calculate utility bills." For more information please press here.
Germany to Allow Institutional Funds to Hold up to 20% in Crypto
30 July 2021
"Germany plans to allow certain institutional funds to invest billions of dollars in crypto assets for the first time. A law taking effect on Monday will let so-called Spezialfonds with fixed investment rules put as much as 20% of their holdings in Bitcoin and other crypto assets. The funds, which can only be accessed by institutional investors such as pension companies and insurers, currently manage about 1.8 trillion euros ($2.1 trillion)." For more information please press 
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. 

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