CySEC Requests CIFs to Evaluate How They Are Impacted by Sanctions Against Russia

The Cyprus Securities and Exchange Commission (CySEC) is on full alert in order to ensure the continuation of the smooth operation of the market, awaiting the risk assessment and the answers it requested to receive from the Cypriot Investment Services Companies (CIF) on how and to what extent they may be affected by sanctions against Russia, as well as for the measures they have taken to address these risks.

CySEC chairman George Theocharides said that from the first moment that sanctions were imposed on Russia, the commission was mobilized, carefully studying their content and assessing the situation.

In this context, as he pointed out, in a circular issued to the supervised organizations, including the CIFs, the commission stressed their obligation to implement the targeted restrictive measures against Russia, while asking the CIFs to evaluate the in case the measures significantly affect their operation, their capital adequacy or the funds they hold - either their own or on behalf of clients - to inform it.

"We ask for information on how, either directly or indirectly, they are affected by the sanctions imposed, both by the European Union and by third countries, such as the United Kingdom and the United States,"Theocharidis said.

He emphasized that depending on the information that will be received, the commission will take the necessary measures to ensure the smooth operation of the market, in consultation with the European Securities and Markets Authority (ESMA).