The Cyprus Securities and Exchange Commission ("CySEC") has notified Cyprus Investment Firms, credit institutions, market operators of trading venues and Approved Reporting Mechanisms subject to its supervision of the guidelines published by the European Securities and Markets Authority on 2 October 2017 under Directive 2014/65/EU on markets in financial instruments ("MiFID II") and Regulation (EU) No 600/2014 ("MIFIR").
The guidelines apply solely in relation to synchronisation of business clocks pursuant to article 50 of MiFID II and recording of orders and submission of transaction reports pursuant to articles 25 and 26 of MIFIR, and are designed to ensure consistency in the application of these requirements. They deal with the construction of transaction reports for various scenarios that can occur, and reporting entities should apply the elements of the most relevant scenario to construct their records and reports.
The guidelines will apply from 3 January 2018 and CySEC will incorporate them into its supervisory practices.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
