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ARTICLE · 10 MARCH 2022

EU Restrictive Measures: CySEC Circular C489

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Cyprus Securities and Exchange Commission ("CySEC") has issued circular C489 (the "Circular") on 25/02/2022, addressed to Regulated Entities...

CyprusCorporate/Commercial Law
AGP Law/ A.G. Paphitis & Co. LLC
AGP Law/ A.G. Paphitis & Co. LLC
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CySEC Circular C489 to Regulated Entities on EU Council's Restrictive Measures.

Cyprus Securities and Exchange Commission ("CySEC") has issued circular C489 (the "Circular") on 25/02/2022, addressed to Regulated Entities, namely, CIFs, ASPs, UCITS Management Companies, Internally managed UCITS, AIFMs, Internally managed AIFs, Internally managed AIFLNPs, companies with sole purpose the management of AIFLNPs, Crypto Asset Service Providers and Small AIFMs (the "Regulated Entities").

Cyprus Law 58(I)/2016, as regards the implementation of the provisions of (a) the resolutions or decisions of United Nations Security Council (Sanctions) and of (b) the decisions and regulations of the Council of the European Union (Restrictive Measures), provides for the direct application of such Sanctions and Restrictive measures in Cyprus and thus, Regulated Entities are obliged to implement all relevant Restrictive Measures imposed by the Council of the European Union (EU).

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