Licensing/Registration

MAP S.Platis can help you obtain:

• a Cyprus Investment Firm License from the Cyprus Securities and Exchange Commission (CySEC)
• an EU (European Union) Investment Firm License from any other EU Authority
• an E-Money (Electronic Money) or Payment Institution License from the Central Bank of Cyprus or any other EU Authority
• a Fund Manager License (AIFM or UCITS Management Company) as well as a license or registration for Alternative Investment Funds (AIF) or UCITS funds from CySEC or any other EU Authority
• a Banking License from the Central Bank of Cyprus or any other EU Authority
• a Crypto-asset service provider registration by the Cyprus Securities and Exchange Commission or any other  EU Authority

With a team of more than 100 multidisciplinary financial services consultants, MAP S.Platis is the leader in the field of registration of European Investment Firms (IF) including Forex, Brokers-Dealers, Asset Managers and Financial Advisors. MAP S.Platis also leads in the registration of Cyprus Banks, Payment and E-Money Institutions, Fund Managers and Regulated Funds, Insurance Companies, as well as Crypto Asset Providers.

Investment Firm Licensing
An Investment Firm licensed by the Cyprus Securities and Exchange Commission (CySEC) falls under Law 87(I)/2017 regarding the provision of investment services, the exercise of investment activities and the operation of regulated markets. Once licensed, it is able to provide investment services through representative and branch offices across 30 member countries via the EU Single Passport.

Investment firms that are in the Forex and Brokerage markets are growing larger every day. Investors are becoming increasingly interested in this sector, while at the same time becoming more demanding. A plethora of Forex and Forex Brokerage firms are already active in the retail and professional markets and a growing number of others are currently being licensed in what is turning into an increasingly regulated, competitive and challenging environment.

MAP S.Platis has succeeded in registering over 60% of the Cyprus Investment Firms (CIF) registered under MiFID as a promoter or consultant and extending the license of a number of existing CIFs (NB: Extending the license involves a procedure similar to a new registration as regards procedures and manuals).

Due to our specialization and specific experience in the field, the registration process for all these CIFs took minimum time following the submission of the respective application files.

Payment & E-Money Institutions Licensing
In the Republic of Cyprus (the “Republic”) the provision of payment services is regulated by the Provision and Use of Payment Services and Access to Payment Systems Law of 2018 (“Law”), which transposed into national law the provisions of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

The provision of electronic money services in the Republic is regulated by the provisions of The Electronic Money Laws of 2012 and 2018 (‘‘the Law’’) which transposed into national law the as per the directives of the European Parliament and of the Council on such matters.

MAP S.Platis offers set-up and authorisation services and post-license compliance support for PIs and EMIs for EU wide operations. Our dedicated PI and EMI support team can facilitate the registration process in the most efficient manner for a reliably fast submission of the respective application file and represent the application in front of the CBC in the most professional manner.

Investment Fund Managers and Funds Licensing
CySEC-authorised fund managers benefit from the status of the Republic of Cyprus as a full member of the European Union, which provides them with unfettered access (EU passport) to the European Economic Area (EU members plus Liechtenstein, Norway and Iceland).

Cyprus affords an easy-to-set-up fund management regime; a fund (either an AIF or UCITS) can be set up as a variable capital investment or as a mutual fund. In addition, AIFs can also be set up in the form of limited liability partnerships (LLPs) and as fixed capital investment firms.

With respect to AIFs, CySEC has also introduced the AIF with limited number of Persons/Investors (AIFLNP), an AIF that requires no initial capital and is exempted from appointing a depositary.

MAP S.Platis offers continuous support and modular solutions tailored for the Funds industry. Our specialised team can assist with all phases of a Fund’s lifecycle, from the establishment of the Fund and its authorisation by the CySEC to on-going operational requirements.

All our licensing/registration services include:

• Consulting on the form of a financial group’s presence in Cyprus and the rest of the EU
• Advisory support towards the authorisation and registration of an EU financial institution;
• Preparation of the Application File in accordance with current regulatory requirements to include the following activities, among others:
  • Design and build the financial institution structure based on your needs (in a cost-efficient way);
  • Prepare a custom-built Operations Manual in the most efficient manner and based on your needs;
  • Prepare the Anti-Money Laundering Manual (AML) and the Know Your Client (KYC) policies in the most efficient manner and based on your needs;
  • Prepare the business plan;
  • Complete the application form to be submitted to the relevant EU regulatory authority;
  • Review the questionnaires of the shareholders, directors and heads of departments of the proposed financial institution;
  • Locate qualified executive and non-executive directors (if needed);
  • Complete the relevant checklists;
  • Prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable;
  • Prepare the letter(s) to accompany the application in the event that any exception may be requested;
  • Guide you in providing all the necessary documentation and certificates;
  • Answer any relevant questions concerning the application process, and;
  • Respond on your behalf to the Authority’s queries and suggestions relating to the application.
• CIF/IF/Bank/EMI/PI registration after the authorisation;
• Locating qualified Directors and personnel, and;
• Full legal, accounting and auditing support.

Legal Entity Identification Code Registration
The Legal Entity Identifier (‘’LEI’’) is a unique 20-character alphanumeric code based on the ISO 17442 standard that is assigned to legal entities that are counterparties to financial transactions and it is an important requirement under MiFID II transaction reporting.

In accordance with ESMA, ‘The LEI provides a unique identifier for all entities participating in financial transactions which can be used cross-border, through a free and open database updated on a daily basis . This common framework is crucial for regulators across the globe to clearly identify each exposure for the risk management of financial transactions, to create transparency, and to conduct market surveillance. Finally, the LEI also generates important benefits for businesses in terms of cost reduction, improved risk management and increased operational efficiencies. Accordingly, the LEI plays an important role under MiFIR. The code is essential for supporting regulators’ work on transparency and market surveillance, including the detection of market abuse. The LEI is also key for matching and aggregating market data for both MiFIR transparency and regulatory reporting’.

MAP S.Platis offers an LEI Registration service  that specialises in the registration and renewal of legal entity identification codes. We provide a simple and direct way to register or renew LEIs for all types of legal entities.

For more information on the registration process please contact us on lei@mapsplatis.com.

 

For more information about all of our licensing/registration services, please feel free to contact us or send the form below.