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The Cyprus Securities and Exchange Commission (CySEC) on Tuesday announced an adjustment to its policy on the provision of investment and ancillary services and/or activities in third countries by Cyprus Investment Firms (CIFs). Third countries are countries that do not belong to the European Union or the European Economic Area.
The adjustments are contained in a new circular issued by the Cypriot regulator of financial markets following the meeting of its board of directors held last Thursday.
finance tycoons compared the new circular with the old which was published on February 8, 2018 and found that the main difference is that CySEC now requires CIF to present him with a relevant certificate from a competent authority of a third country when this third country does not need authorization to provide the services mentioned in the provision. As the old circular stated, the financial watchdog required a legal opinion from a qualified lawyer or a law firm in the competent jurisdiction in this type of situation.
In addition, as indicated in the old circular, CIFs are required to include in their letters of intent a list of the third countries in which they intend to provide the indicated services, indicating for each country whether it has obtained the appropriate authorization from a competent authority or legal advice that no authorization is required. However, the new circular does not mention the need for legal advice for this particular step.
In addition, the new circular enjoins FIAs that already operate in third countries to ensure that they continue to comply with the legislative framework applicable in these countries.
Rules kept
The study of the two circulars shows that most of the rules have been retained. CIFs wishing to provide investment and ancillary services and/or activities in third countries are still required to notify CySEC of such a decision via a letter of intent.
Before providing and performing the aforementioned services and activities in third countries, companies must also obtain the necessary authorization from the respective legal authorities of the third countries. Again, CIFs are still required to provide CySEC with a certified copy of the authorization for the provision of the mentioned services, issued by the competent authority of the third country.
In addition, CySEC also noted that the process of obtaining the required authorization from third countries still remains the exclusive duty of CIFs. In addition, these investment firms are still required to file information on their operations in third countries on the CySEC portal. They are also required to inform the market supervisor in writing when the third countries in which they operate change.
“All existing and newly created CIFs must declare [post] on their websites the names [information] of all third countries in which they provide/perform services/activities”, specify the two circulars.
The Cyprus Securities and Exchange Commission (CySEC) on Tuesday announced an adjustment to its policy on the provision of investment and ancillary services and/or activities in third countries by Cyprus Investment Firms (CIFs). Third countries are countries that do not belong to the European Union or the European Economic Area.
The adjustments are contained in a new circular issued by the Cypriot regulator of financial markets following the meeting of its board of directors held last Thursday.
finance tycoons compared the new circular with the old which was published on February 8, 2018 and found that the main difference is that CySEC now requires CIF to present him with a relevant certificate from a competent authority of a third country when this third country does not need authorization to provide the services mentioned in the provision. As the old circular stated, the financial watchdog required a legal opinion from a qualified lawyer or a law firm in the competent jurisdiction in this type of situation.
In addition, as indicated in the old circular, CIFs are required to include in their letters of intent a list of the third countries in which they intend to provide the indicated services, indicating for each country whether it has obtained the appropriate authorization from a competent authority or legal advice that no authorization is required. However, the new circular does not mention the need for legal advice for this particular step.
In addition, the new circular enjoins FIAs that already operate in third countries to ensure that they continue to comply with the legislative framework applicable in these countries.
Rules kept
The study of the two circulars shows that most of the rules have been retained. FICs wishing to provide investment and ancillary services and/or activities in third countries are still required to notify CySEC of such a decision via a letter of intent.
Before providing and performing the aforementioned services and activities in third countries, companies must also obtain the necessary authorization from the respective legal authorities of the third countries. Again, CIFs are still required to provide CySEC with a certified copy of the authorization for the provision of the mentioned services, issued by the competent authority of the third country.
In addition, CySEC also noted that the process of obtaining the required authorization from third countries still remains the exclusive duty of CIFs. In addition, these investment firms are still required to file information on their operations in third countries on the CySEC portal. They are also required to inform the market supervisor in writing when the third countries in which they operate change.
“All existing and newly created CIFs must declare [post] on their websites the names [information] of all third countries in which they provide/perform services/activities”, specify the two circulars.
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