Regulatory Alerts2023-09-11 | C596CySEC Circular C596 Regarding the Transfer of Russian Securities to Russia (Forced Transfers)
The Cyprus Securities and Exchange Commission issued Circular C596 to inform regulated entities about the implications of Russian Federal Laws No. 319-FZ and No. 519-FZ concerning the forced transfer of blocked Russian securities to Russia. The circular explains that these laws allow security holders to move custody from non-Russian custodians to Russian entities like the National Settlement Depository, effectively bypassing international sanctions. CySEC requires regulated entities to report details of customers who have completed such transfers by submitting an Excel file to eu.sanctions@cysec.gov.cy by Monday, 25 September 2023.
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