Regulatory Alerts2024-04-19 | C635CySEC Circular C635: Reporting Obligations under EU Sanctions Article 5r
The Cyprus Securities and Exchange Commission issued Circular C635 to inform regulated entities of new reporting obligations under Article 5r of Council Regulation (EU) No. 833/2014. Entities with over 40% Russian ownership must report outgoing fund transfers exceeding 100,000 EUR to the Ministry of Finance, while credit institutions must report initiated transfers for such entities. These continuous obligations require submissions within specific quarterly and semi-annual deadlines following instructions from the European Commission and the Ministry of Finance.
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