CySEC announces deadline for the submission of requests for authorisation by UK entities wishing to relocate to Cyprus due to the UK withdrawing from the EU
The Cyprus Securities and Exchange Commission (CySEC) has today issued an Announcement notifying market participants and the public that entities wishing to relocate to the Republic of Cyprus, be authorised for regulated services and become operational by 30 March 2019, are advised to submit their applications to CySEC as soon as possible and no later than the end of September 2018, in order to allow their case to be reviewed.
The European Securities and Markets Authority (ESMA) has issued a Public Statement on the matter dated 12 July 2018, through which it has clarified that on 30 March 2019, firms must have a fully authorised legal entity located in the European Union (EU) to continue providing services in any EU member-states. The scope of this Public Statement is to raise the awareness of all market participants on the importance for early preparation given the fact that there is no assurance that a transition period will be implemented.
Since the Brexit vote in the UK, a lot of businesses have been considering increasingly their strategy relating to the matter and the selection of the jurisdiction or jurisdictions to operate from within the EU, with uncertainties surrounding the matter still lingering. To this end, Cyprus can offer a number of advantages such as its EU membership, its skilled and educated workforce and professional services network, its common law framework, a regulatory framework reflecting the latest structures, technological advances and innovations and many more.
MAP S.Platis is a Cyprus-based leading financial services consultancy, whose clients include banks, funds and fund managers, investment firms and payment and electronic money institutions. Our know-how and expertise in regulated structures, investment firms and funds in particular, is deep and extended, with capabilities of supporting clients effectively and efficiently via our service offering which provides integrated solutions. Our services include among others preparation and promotion of the licence application, on-going compliance and regulatory reporting support, internal audit, risk management and capital adequacy support, executive training and assistance with human resources and recruitment.
For further enquiries about MAP S.Platis and our services, please do not hesitate to contact our team directly: