CySEC prioritizes supervision on CIFs MiFID II requirements adoption


CySEC prioritizes supervision on CIFs MiFID II requirements adoption, according to the latest announcement on its official website. CySEC's mission is to exercise the supervision of Cyprus Investment Firms (CIFs) in order to ensure the maximum investor protection. 

25 June, AtoZ MarketsThe financial regulator of the Cypriot markets, the Cyprus Securities and Exchange Commission (CySEC) has issued a statement on its website. The statement has addressed its regulatory plans and priorities for the second half of 2018.

CySEC prioritizes Supervision on CIFs MiFID II requirements Adoption

It appears that the key aim for the following six months will be the oversight on the adoption of MiFID II requirements. The Cypriot regulator has mentioned that its mission is to exercise the supervision of Cyprus Investment Firms (CIFs) in order to ensure the maximum investor protection. In addition, the regulator also strives to promote the healthy developments of the securities market.

The key objective of the Cyprus regulator for the remainder of 2018 is to establish, monitor, and sustain a positive and stable environment for the market. CySEC has stated that it has developed a number of action plans to emphasize the aspects of the regulatory priority of its supervision work in regards to CIFs. 

The CySEC has also mentioned that its responsibility includes the provision of the assistance and guidance to CIFs. As an ultimate goal, the CySEC sees the CIFs achieving a standard of best-practice compliance. The regulator aims for CIFs to efficiently adopt and implement all the newest regulatory requirements. 

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In detail, the CySEC has identified the main areas of priority for its activities for the upcoming six months:

•  MiFID II requirements

•  PRIIPs requirements

•  EMIR requirements

•  Prudential requirements

MiFID II requirements for CIFs

The evaluation of CIFs’ MiFID II requirements integration will be the key priority for the Cypriot watchdog. The action plans of CySEC will include the targeted visits, thematic reviews, and full risk assessments. 

The CySEC plans to emphasize and oversee the following MiFID II requirements for CIFs:

•  Organisational requirements, including governance arrangements

•  Inducements, remunerations

•  Cost and charges

•  Appropriateness of products/ services

•  Best execution of orders

•  Information addressed to clients, including marketing communications

•  Transaction reporting and transparency

In the first half of 2018, the Cypriot regulator has carried out thematic reviews in relation to the product governance requirements under MiFID II. The regulator aimed to advance the sector’s market integrity and the protection of clients’ interests. 

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