The Cyprus Securities and Change Fee (CySEC) has
issued a reminder to Cyprus Funding Companies (CIFs) relating to the stance of the
Polish Monetary Supervision Authority (UKNF) on referral and affiliate
programmes.
UKNF Bans Individualized Consumer Acquisition
The UKNF’s place, dated October 2023, prohibits shoppers
of funding corporations or unregulated intermediaries from participating in
individualized consumer acquisition actions by means of such programmes.
CySEC famous in its net launch that “the UKNF Place
forbids shoppers of an funding agency or unregulated intermediaries from
endeavor, underneath referral programmes or affiliate programmes, individualized
actions to accumulate shoppers or potential shoppers of funding providers.”
CySEC Urges Compliance with UKNF
It additionally restricts the sharing of knowledge on the scope of
providers offered by funding corporations. Solely the corporations or their tied brokers are
permitted to hold out these actions.
The regulator additional added: “Furthermore, it forbids such
individuals from offering details about the scope of the funding providers
offered by the funding agency.”
CySEC has urged CIFs to take acceptable measures to make sure
compliance with the UKNF’s place.
CySEC Adopts EBA Tips, Units Crypto Deadline
The CySEC
has adopted new European Banking Authority (EBA) pointers, set to take
impact in 2025, as reported by Finance
Magnates. These pointers make clear the applying of the group capital
check for funding corporations underneath the Funding Companies Regulation.
The
pointers require funding agency teams to satisfy consolidated regulatory
requirements, just like banking teams, overlaying capital adequacy, danger
administration, and governance.
CySEC
has additionally introduced a deadline for crypto-asset service suppliers working
within the European Financial Space. As of October 30, 2024, CySEC will now not
settle for notifications from EEA corporations for cross-border crypto providers.
Companies
that notify CySEC by this date might be allowed to function underneath a transitional
interval till July 1, 2026, or till their MiCA authorization determination is made,
forward of the Markets in Crypto-Property regulation, which can take impact on
December 30, 2024.
This text was written by Tareq Sikder at www.financemagnates.com.
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