The conflict between Russia and Ukraine has had a certain impact on the global finance. In order to ensure the continuous and stable operation of the market, the Cyprus securities and Exchange Commission (cysec) requires the Cyprus Investment Service Company (CIF) to report to it whether and to what extent they have been affected under the sanctions imposed by EU countries on Russia, and to report the measures they have taken to deal with these risks.
Does cysec impose sanctions on Russia?
George theocharides, chairman of cysec, said that since the first time countries imposed sanctions on Russia, the Committee has mobilized research content and evaluated the situation.
In the notice to the supervised organizations including CIFS, George theocharides pointed out that the Committee has the obligation to implement restrictive measures against Russia. If these Measures seriously affect the operation, capital adequacy or funds held by CIFS (whether they are their own or on behalf of customers), they need to inform the Committee.
George theocharides said, "we asked these companies to provide information on how they were directly or indirectly affected by the EU and third country sanctions against Russia."
George theocharides stressed that according to the information received, the committee will take necessary measures to ensure the smooth operation of the market in consultation with the European Securities and Markets Authority (Esma).
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