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ARTICLE · 11 NOVEMBER 2022

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ESMA Recommendations To CySEC

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For the first time in its history ESMA, pursuant to Article 16(1) of the ESMA Regulation and in accordance with Article 30(4) of the ESMA Regulation, has issued two specific recommendations to CySEC.

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On 10 of March 2022, the European Securities and Markets Authority (ESMA) issued Recommendations to the Cyprus Securities and Exchange Commission (CySEC) on the supervision of cross-border activities of Investment Firms.

As such, the specific instructions by the Supervisory Authority aim to increase the human resources needed for the supervision of cross border services of Cypriot Investment Firms (CIFs).

For the first time in its history ESMA, pursuant to Article 16(1) of the ESMA Regulation and in accordance with Article 30(4) of the ESMA Regulation, has issued two specific recommendations to CySEC.

The European Authority has published its peer review report, in which it assessed how National Competent Authorities (NCAs) supervise the investment services that are provided to retail clients by such firms and credit institutions on a cross-border basis using a MiFID II passport.

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