Regulatory News Archives

CySEC: findings on Compliance Officer’s and Internal Audit’s reports 2019

Kyriacos.soc2019-03-28T18:23:11+02:0028/03/2019|Internal Audit, Regulatory News|

CySEC: findings on Compliance Officer’s and Internal Audit’s reports CySEC issued today its findings on the Compliance Officer's and Internal Audit's reports in relation to money-laundering and terrorist financing for 2017 and the respective Board of Directors minutes submitted in 2018. Compared to the 2018, CySEC found an overall improvement to the content of these reports. Summary of CySEC findings on the Compliance Officer's and Internal Audit's reports: Insufficient analysis of the specific [...]

The CFD market as seen through ESMA’s announcement and the FCA’s letter

Kyriacos.soc2018-02-20T18:18:36+02:0018/01/2018|Internal Audit, Regulatory News|

A considerable number of CIFs (Cyprus Investments Firms) - more than 50% - offer CFDs (Contracts for Differences) to their retail and professional clients. Due to their complexity and higher risk, CIFs offering CFDs are required to have adequate procedures to ensure their clients' interests are maintained and treated fairly.An area of regulatory focusThe provision of CFD instrument to retail clients is a key area of focus for regulators. In particular, the European [...]

Internal Auditors Under Pressure to Alter Reports

Kyriacos.soc2018-03-24T19:28:44+02:0016/10/2017|Internal Audit, Regulatory News|

Nearly one-in-four internal auditors say they've been pressured to suppress or change valid audit findingsJust about every internal auditor will face an ethical dilemma or difficult situation at some point in their career. Among the toughest scenarios is when the CEO or other senior executive exerts pressures to suppress or change the results of an audit finding because it reflects poorly on management or some other aspect of the business. A new report [...]