Cyprus Securities and Exchange Commission | CAPITAL BUFFERS
CAPITAL BUFFERS
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CAPITAL BUFFERS
The Macroprudential Oversight of Institutions Law of 2015 (Law 6(1) of 2015), which transposes the European Directive 2013/36/EU, gives the power to the Central Bank of Cyprus, as the designated macroprudential authority of Cyprus (‘the Macroprudential Authority’), the responsibility for defining and implementing a macroprudential strategy for safeguarding the stability of the financial system, including strengthening the resilience of the financial system and decreasing the build-up of systemic risks, thereby ensuring a sustainable contribution of the financial sector to economic growth.
 
In order to fulfill its macro prudential objectives, the Macroprudential Authority may ask institutions to hold capital buffers, in addition to the Common Equity Tier 1 capital maintained to meet the own funds requirement imposed by Article 92 of Regulation (EU) No 575/2013 (the ‘Regulation’).
 
The capital buffers mentioned in the previous paragraph, apply to all CIFs which are authorised to provide the investment services listed in points 3 (dealing on own account) and/or 6 (underwriting with firm commitment) of the Third Appendix, Part I of the Investment Services Law 144(I)/ 2007, as amended (‘the Law’).
 
The Central Bank of Cyprus, acting as the designated macroprudential authority of Cyprus, has set the following macroprudential capital buffers:

a) Capital Conservation Buffer (the ‘CCB’)
b) Institution-specific Countercyclical Capital Buffer (the ‘CCyB’)
c) Other systematically important institutions buffer (the ‘O-SII buffer’) 

The Cyprus Securities and Exchange Commission (‘CySEC’) is responsible for monitoring that CIFs are in compliance with the above.
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