CySEC Issues a Circular on Guidelines for Complaints-Handling by Cyprus Investment Firms
21 September 2019
The Cyprus Securities and Exchange Commission ("CySEC") issued a circular on 11th September 2019 (the "Circular C338") regarding the reissuance of the guidelines on complaints-handling for the securities and banking sectors issued on 4th of October 2018, which applies to Cyprus Investment Firms ("CIF").
In a nutshell, the said Circular C338 reiterates the existing applicable guidelines, however it provides new timeframes and procedures in more depth, which must be followed by CIFs, for compliance purposes.
Briefly described, CIFs need to pursue the following procedures: a) submission of complaints form according to Circular C198, b) maintaining internal register, giving it a unique reference number according to paragraph 26 of the Regulation 2017/565, providing that a CIF shall keep a record of the complaints received c) informing continuously the complainant on what stage the complaint is, according to the new timeframes given by CySEC and d) informing CySEC every month regarding the complaints and how these are going to be handled as per the provisions set out in Circulars C100 and C198.
For more information on regulatory compliance of complaints handling or any other financial services related issue, please contact Antrea Ioannou at firstname.lastname@example.org
The above is for information purposes only and does not constitute advice.