WEDNESDAY, 25 APR 2018

 

CONNECT

Facebook Linked In Twitter
PwC_12/04-25/04_728x90px
GloriaJeans_266x90px
IMH LTD

Kalogerou: Cyprus is an Ideal Destination for Startups and Tech Companies

CIBA Appoints Doxia Nikia as New President

IMH LTD
PwC_12/04-25/04_468x60px

ECONOMY

MiFID II and MiFIR to Enter Into Application on 3 January 2018

MiFID II and MiFIR to Enter Into Application on 3 January 2018

The Cyprus Securities and Exchange Commission has announced that the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive (‘MiFID II’) of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (‘MiFIR’) will enter into application on 3 January 2018.

In particular, MiFID II must be transposed into national law in Cyprus by 3 July 2017 and will be applicable as of 3 January 2018, whereas MiFIR will be directly applicable on 3 January 2018. It is noted that that the national law which transposes MiFID II is currently before the House of Representatives.

CySEC, highlights the main changes introduced by MiFID II, MiFIR, and the relevant delegated and implementing regulations, which affect the authorisation requirements for investment firms, including Cyprus Investment Firms (‘CIFs’). An overview of all obligations set out in MiFID II and MiFIR can be found in the Practical Guide published by CySEC in October 2014.

CySEC has also emphasized that all market participants that are affected by the changes introduced by MiFID II and MiFIR must start preparing for the implementation of the new legislative framework and take all steps to comply with it as of 3 January 2018. Such market participants include:

 

i.    CIFs which will need to extend their authorisation to cover new investment activities and/or financial instruments introduced by MiFID 
ii.    entities that will no longer be exempt from the scope of this legislation, 
iii.    persons undertaking high frequency algorithmic trading1 that will now fall within the scope of MiFID II, and 
iv.    currently unauthorised businesses/entities that will have to be authorised under MiFID II.

MORE ON ECONOMY

Cyprus Records Trade deficit of €412.9M in January

The Statistical Service of Cyprus has announced that it has published the monthly ...

Cyprus Registers Budget Surplus €344m in 2017, Debt Falls To 97.5%

Cyprus registered a 344 million Euros or + 1.8 percent of GDP total budgetary surplus in ...

Fitch Upgrades Cyprus Long-Term Foreign-Currency IDR to BB+ With Positive Outlook

Fitch Ratings has upgraded Cyprus`s Long-Term Foreign-Currency Issuer Default Rating ...

FROM AROUND GOLDNEWS

   

Pilides: Ship Financing a Drive for Further Development of Cyprus Maritime Cluster

We foresee ship financing as another drive to further develop our maritime cluster, particularly in view of the new opportunities arising in Cyprus following ...
   

WhatsApp to Raise Minimum Age Limit to 16 in EU

Popular messaging service WhatsApp is banning under-16s from using its platform in the European Union, the BBC reports. Users must currently be at least ...
   

Cyprus Business Show 2018

Nicosia Chamber of Commerce and Industry (NCCI) and IMH are organizing for the first time the “Cyprus Business Show 2018: The Start-up, Franchise, ...
   

Boohoo Beats Forecasts With 40% Jump in Profit

British online fashion retailer Boohoo on Wednesday 25 April beat forecasts with a 40 percent rise in 2017-18 profit, driven by a jump in revenue on rising ...
   

Google Overhauls Gmail to Lure Businesses Away From Microsoft

Alphabet Inc’s Google unveiled on Wednesday 25 April its first Gmail redesign since 2013, capping what the company says was an expensive overhaul two ...
   

Kalogerou: Cyprus is an Ideal Destination for Startups and Tech Companies

Cyprus comprises a safe, liable and competitive destination for startups and tech companies aiming for a global outreach, and is fully implementing relevant ...
   

DP World Limassol Promotes Cruise Tourism

With the aim of promoting Cyprus as an attractive tourist destination and boosting cruise tourism, DP World Limassol will host leading cruise sector executives ...
   

CIBA Appoints Doxia Nikia as New President

The Cyprus International Business Association (CIBA) announces that Doxia Nikia, Director of D.D. Fidelity Associates Ltd, has been appointed as their new ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Invest Career 19/04-26/08
Gold_Issue_300x250px

IMH LTD