CySEC has announced their new syllabus and have launched the new Examination Workbook, and the changes are extensive.
| Basic Examination | Advanced Examination | ||
|
1 |
Scope/Powers/Offences Cypriot Investment Firms (CIFs) | 1 | Scope/Powers/Offences Cypriot Investment Firms (CIFs) |
|
2 |
Cypriot Investment Firms (CIFs) |
2 |
Cypriot Investment Firms (CIFs) |
| 3 |
Cypriot Investment Firms (CIFs) and Banks |
3 |
Cypriot Investment Firms (CIFs) and Banks |
|
4 |
Markets in Financial Instruments Regulation (MiFIR) | 4 |
Open-Ended Undertakings for Collective Investment (UCI) Laws(2012–2016) |
|
5 |
Insider Dealing and Market Manipulation Regulation (2016) | 5 |
Alternative Investments |
|
6 |
Open-Ended Undertakings for Collective Investment (UCI) Laws(2012–2016) | 6 |
The Business of Credit Institutions Laws of 1997–2016 |
|
7 |
Alternative Investments | 7 |
The Prevention and Suppression of Money Laundering and Terrorist Financing Laws |
|
8 |
The Prevention and Suppression of Money Laundering and Terrorist Financing Laws | 8 |
Markets in Financial Instruments Regulation (MiFIR) |
|
9 |
Capital Adequacy Requirements |
||
| 10 |
European Market Infrastructure Regulation (EMIR) |
||
| 11 |
Recovery and Resolution Laws |
||
| 12 |
Prospectus Law (2012–16) |
||
| 13 |
Transparency Law |
||
| 14 |
Insider Dealing and Market Manipulation Regulation (2016) |
||
The Advanced Examination witnessed most of the changes in this new syllabus. First and foremost, we see the inclusion of the new CIF regulations emanating from the transposition of MiFID II into Cyprus Law. Furthermore, we see the increase in content on reporting obligations in the sector, like MiFIR, EMIR, and the addition of new regulations, like the Banking Recovery and Resolution Directive (BRRD), the Prospectus Law, and the Transparency Law, as well as the amendment of the Market Abuse chapter from MAD2 to MAR.
Absent from the new syllabus is the 4th AML Directive, which we presume is due to the massive delays of the Cyprus Parliament in passing these amendments into law, forcing CySEC’s hands into waiting for the next version of the syllabus to include changes in this respect.
Finally, the question of many market participants on whether CySEC would include GDPR in its new syllabus has been answered. It was to be expected that CySEC would omit a Regulation that, even though it dramatically affects operations of CySEC Regulated Entities, it is not under CySEC’s jurisdiction, as the knowledge and competence of allocated Data Protection Officers will be under the scrutiny of the Personal Data Protection Commissionaire.
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