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The Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday a policy adjustment regarding the provision of investment and ancillary services and/or activities in third countries by Cyprus Investment Firms (CIFs). A third country is a country that does not belong to the European Union or the European Economic Area.
Adjustments are included in new circular It was issued by Cyprus’ financial market regulator after a board meeting held last Thursday.
financial king a new circular An old thing It was published on February 8, 2018, with the main difference being that CySEC now requires CIF to submit relevant certifications from the competent authorities of third countries to CIF. It turns out that there is. stated in the terms. As stated in older circulars, financial oversight agencies required legal opinions issued by qualified attorneys or law firms in relevant jurisdictions in situations of this kind.
Also, as stated in the old circular, the CIF prospectus must include a list of third countries in which the stated services will be provided. A legal opinion that no permit is required. However, the new circular does not mention the need for a legal opinion for this particular step.
Furthermore, the new circular mandates CIFs already operating in third countries to ensure that they continue to comply with the legal framework applicable in such countries.
Both circulars were examined and found to hold most of the rules. A CIF wishing to invest and provide ancillary services or activities in a third country must notify CySEC of such move via a letter of intent.
Before providing and performing the aforementioned services and activities in a third country, companies are also required to obtain the necessary approvals from the respective legal authorities of the third country. Again, the CIF must 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.
Furthermore, CySEC also said the process of obtaining necessary approvals from third countries remains the exclusive obligation of the CIF. In addition, these investment firms are required to submit information regarding their operations in third countries to his CySEC portal. They are also expected to notify the market supervisor in writing of any change in the third country in which they operate.
All existing and newly established CIFs must be declared. [post] their website name [information] All third countries that provide/perform services/activities, both circulars state.
The Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday a policy adjustment regarding the provision of investment and ancillary services and/or activities in third countries by Cyprus Investment Firms (CIFs). A third country is a country that does not belong to the European Union or the European Economic Area.
Adjustments are included in new circular It was issued by Cyprus’ financial market regulator after a board meeting held last Thursday.
financial king a new circular An old thing It was published on February 8, 2018, with the main difference being that CySEC now requires CIF to submit relevant certifications from the competent authorities of third countries to CIF. It turns out that there is. stated in the terms. As stated in older circulars, financial oversight agencies required legal opinions issued by qualified attorneys or law firms in relevant jurisdictions in situations of this kind.
Also, as stated in the old circular, the CIF prospectus must include a list of third countries in which the stated services will be provided. A legal opinion that no permit is required. However, the new circular does not mention the need for a legal opinion for this particular step.
Furthermore, the new circular mandates CIFs already operating in third countries to ensure that they continue to comply with the legal framework applicable in such countries.
Both circulars were examined and found to hold most of the rules. A CIF wishing to invest and provide ancillary services or activities in a third country must notify CySEC of such move via a letter of intent.
Before providing and performing the aforementioned services and activities in a third country, companies are also required to obtain the necessary approvals from the respective legal authorities of the third country. Again, the CIF must 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.
Furthermore, CySEC also said the process of obtaining necessary approvals from third countries remains the exclusive obligation of the CIF. In addition, these investment firms are required to submit information regarding their operations in third countries to his CySEC portal. They are also expected to notify the market supervisor in writing of any change in the third country in which they operate.
All existing and newly established CIFs must be declared. [post] name on their website [information] All third countries that provide/perform services/activities, both circulars state.
