Relaunch of Fast Track Application Process for Cyprus Investment Firms

13 September

On the 12th September 2018, The Cyprus Securities and Exchange Commission (“Cysec”) announced its decision to recommence the fast track process for applicants wishing to obtain a licence for Cyprus Investment Firm (“CIF”) in accordance with Investment Services and Activities and Regulated Markets Law of 2017 (Law 87 (I)/2017). 

In accordance with the applicable Announcement issued by Cysec on the 2nd November 2015, the indicative time frame for Cysec to respond to all fast track CIF applications is  8 weeks.

 

 

CIF – General Information

 

CIFs offering ‘investment’ and ancillary services in or through the Republic of Cyprus, will require a licence in accordance with the relevant Laws and European Directives.

 

The investment services that are allowed under the relevant Laws are as follows:

 

 

The ancillary (non-core) services are as follows:

 

 

In accordance with your anticipated business structure the most suitable licence to obtain is a de facto market maker licence (Dealing on Own Account) that of which requires an initial capital of at least seven hundred and thirty thousand euro (€730.000), and should include the following:

 

Investment Services

 

 

Ancillary Services

 

 

 

Benefits of Operating a CIF in Cyprus

 

 

Going forward

 

With Brexit looming near and the never ending struggles associated with both offshore regulated and unregulated firms, brokerages are now turning to Cyprus to transfer their operations. Cysec’s relaunch of the fast track process will now assist with an express solution for those who are looking for a swift transitional alternative solution for their businesses.

 

 

Author

 

Andrea Stefani

Partner

Head of Financial Services

 

 

The above is for information purposes only and does not constitute advice.