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Navigating New Reporting Standards: CySEC’s Guidance for Cyprus Investment Firms

by News Editor

April 8, 2025

The Cyprus Securities and Exchange Commission (CySEC) has released an essential update aimed at all Cyprus Investment Firms (CIFs) on how to report cross-border investment activities within the European Economic Area (EEA) for the coming year.

This change, built on Circular C694 under section 25(1)(c)(ii) and (iii) of the CySEC Law, aligns with broader European initiatives spearheaded by the European Securities and Markets Authority (ESMA). Prime focus is on CIFs extending their services beyond national borders to countries like Norway, Iceland, and Liechtenstein.

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Key Reporting Requirements

CIFs must complete an online questionnaire for activities between January 1 and December 31, 2024, particularly if more than 50 retail clients are involved. Services under the “freedom to provide services” must be reported, excluding those provided through local branches.

Reporting of inactive clients is not needed unless they still generate revenue despite inactivity. Each host member state with significant client activity requires a separate submission, excluding Cyprus as a home state from this requirement.

The deadline for these submissions is May 26, 2025, with an email and password necessary to access the reporting platform. Important: Preserve submission confirmations as evidence of compliance.

Consequences Of Non-Compliance

CySEC warns that failing to adhere to these guidelines could result in administrative penalties. There will be no reminders for missing submissions—CIFs must ensure their reporting is on time and accurate.

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National Bank Launches 16th Innovation And Technology Contest To Propel Future-Ready Solutions

by THEFUTURE.TEAM

July 17, 2025

The National Bank has announced the commencement of its 16th Innovation & Technology Contest under the NBG Business Seeds program. Recognized as the longest-running initiative supporting innovation in Greece and Cyprus, the contest has, over its 16-year tenure, been instrumental in empowering visionary individuals with the tools and guidance needed to transform pioneering ideas into practical solutions.

Fostering Entrepreneurial and Technological Synergy

With more than 8,700 submissions to date, the contest represents a fertile ground where entrepreneurial creativity meets technological advancement. The initiative actively encourages projects in research, entrepreneurial ventures, and technology-driven solutions tailored to address contemporary societal challenges and the economic demands of the future. Notably, persistent participation from Cypriot research teams and startups has become a hallmark of the contest, with past winners—such as this year’s victor of the 15th edition, Ask Wire—demonstrating its impact on regional innovation.

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Driving Tomorrow’s Technologies With Social Responsibility

Participants are invited to address key sectors including financial technology (fintech), digital entrepreneurship, advanced technologies, artificial intelligence, sustainability, and social progress. The contest places special emphasis on solutions that promote ethical governance, financial literacy, and the economic empowerment of citizens, thereby aligning technological innovation with broader social responsibilities.

Mentorship And Networking Opportunities

Throughout the competition, entrants benefit from a structured program of briefings and one-on-one mentoring sessions. This support network is bolstered by seasoned executives from the National Bank and more than 50 collaborative partners, including industry leaders such as Microsoft, AWS, Google, Amcham, the Onassis Foundation, and Mastercard, among others. Not only is the program hosted in Greece, but relevant events will also take place in Cyprus, ensuring a comprehensive support and networking experience.

Attractive Monetary Awards And Strategic Opportunities

The contest will reward the top three proposals with cash prizes of €20,000, €12,000, and €8,000 respectively, as evaluated by a panel composed of academics and senior bank executives. In addition, a new Specialist Property Tech Award of €4,000 is being introduced, alongside up to five Special Awards for Financial Empowerment totaling €10,000. These awards are designed not only to recognize innovative brilliance but also to enhance the capacity of citizens to make informed economic decisions. Beyond the immediate financial incentives, winners will gain access to valuable support networks, visibility opportunities, and potential strategic partnerships with the National Bank, including the possibility of direct investments.

Submission Deadline And Further Information

Proposals must be submitted by Wednesday, October 15, 2025, at 15:00. For entrepreneurs and innovators seeking to join the 16th Innovation & Technology Contest, further details and application procedures can be found via the official contest portal. Additional information about the NBG Business Seeds program and contest particulars is available on the National Bank’s website.