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In 2023, the ECB Banking Supervision conducted two separate stress test exercises involving euro area's significant institutions. A total of 57 institutions were directly supervised in the EU-wide test coordinated with other financial authorities like the European Banking Authority (EBA), while 41 additional significant institutions were part of a parallel stress test overseen by the ECB. The results published on the 28th July 2023

The Markets in Crypto Assets Regulation (MiCAR) came into force on June 30, 2023. This regulation requires crypto asset firms to obtain a license to provide their services in the European Economic Area (EEA). To ensure readiness for MiCAR and avoid any surprises, it is important to consider certain factors over the next 18 months.

On 21/7/2023 amending VAT Law 75(I)/2023 was announced in the Official Gazette of the Republic, thereby bringing into effect reductions in the VAT rate which applies to certain goods and services, previously subject to the reduced rate 5%.

Climate change is not just an environmental issue; it's a financial one too. The Financial Stability Board (FSB) has been at the forefront of addressing the financial risks associated with climate change. Their 2023 progress report on the "FSB Roadmap for Addressing Financial Risks from Climate Change" provides valuable insights into the progress made and the challenges ahead.

Overview of the BIS newsletter on credit risk issues, addressing key areas of concern for banks and financial institutions and ongoing challenges in credit risk management and provisioning as an aftermath of the persisting effects of the COVID-19 pandemic.

While crypto-asset markets currently represent a tiny fragment of the global financial system in terms of size, they have grown significantly since the end of 2020. This surge in digital currencies, however, brings along substantial risks that are often inadequately disclosed to consumers, especially on social media platforms.

How Grant Thornton’s approach can identify and measure Physical Risk and how such methodology can be utilized by institutions.

🌿Given the current levels of resource use, it is estimated that we are using Earth’s resources 1.8 times faster than our planet’s biocapacity can regenerate. In other words, in 1 year we use 1.8 earths! The use of materials has sharply risen in the last 50 years. Read the latest article by our Sustainability Senior Consultant Anastasia Ellina ♻️🌍

On 17 January 2023 the European Parliament (“EP”) approved the European Commission’s (“EC”) proposal of 22 December 2021, for a Council Directive to introduce stricter substance requirements to combat tax benefits claimed by “shell entities”.

This article delves into the DLT Pilot Regime, its objectives, and its significance in the European financial services sector. For more information on how the DLT Pilot Regime can benefit your business, contact Grant Thornton Cyprus, a leading provider of professional services.

The number of people who doubt the positive impact of recycling on the environment, industry, health, and our everyday life is thankfully shrinking with each passing year. Recycling has a significant role in any strategy for improving environmental conditions on the planet.

Progress on the overall number of women in senior leadership continues, but it’s concerningly slow.

Although positive, progress is slow. This year, women in mid-market companies hold 32.4% of senior management positions, up 0.5pp from last year’s 31.9%.

Grant Thornton research reveals big increases in the percentage of women occupying chief executive officer (CEO), managing director (MD), and chief information officer (CIO) positions.

In businesses adopting a hybrid model, with a defined mix of onsite and remote working, there are higher levels of women in senior management.

Five recommendations to push for parity, and accelerate progress.