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 Cyprus or 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 (CASP) authorisation by the Cyprus Securities and Exchange Commission or any other EU Authority
• an Insurance Firm License  from the Superintendent of Insurance (“the Superintendent”)
• a Gaming Firm License  by the National Betting Authority (the “NBA”)
• a Crowdfunding Service Providers License  by the Cyprus Securities and Exchange Commission (CySEC)
• an Administrative Services Provider License by the Cyprus Securities and Exchange Commission (CySEC)
• an Offshore Financial Services License

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

Insurance Company Licensing

Under article 14 of the Insurance and Reinsurance Business and Other Related Issues of 2016 (the “Law”), the taking up of business of insurance or reinsurance is subject to prior authorization from the Superintendent of Insurance (“the Superintendent”) following the submission of an application. Throughout the authorisation process the Superintendent reviews the application and ascertains if, in his opinion, the applicant complies with the appropriate provisions of the Law.

MAP S.Platis provides comprehensive support to both life and non-life insurance applicants including preliminary meeting(s) with the Insurance Companies Control Service, guidance on the application process, assistance with completing and submitting the required documents and acting as the point of contact between the applicant and the Superintendent ensuring a smooth and efficient licensing process up to the final decision.

Gaming Company Licensing

Betting services shall only be provided by a legal or natural person who holds a Class A bookmaker’s licence or a Class A bookmaker authorised agent’s licence or a Class B bookmaker’s licence issued by the National Betting Authority (the “NBA”) pursuant to the Betting Law of 2019 (L.37(I)/2019).

The Class A bookmaker’s licence relates to land-based betting and Class B bookmaker’s licence relates to online betting.

The application to obtain or renew a Class A or B bookmaker’s licence or authorised agent’s licence shall be submitted to NBA along with the payment of the relevant fee, with the use of the form issued by the Authority and shall include the information prescribed by the Law.

MAP S.Platis dedicated team can offer ongoing support throughout every phase of the gaming license application process with NBA including post-authorisation support ensuring a smooth commencement of operations.

 

Crowdfunding Service Providers Licensing

The Cyprus Securities and Exchange Commission (has introduced the Provision of Crowdfunding Services for business Law of 2024 (L.123(I)/2024) (the “Law”) to align with EU Regulation (EU) 2020/1503 on crowdfunding service providers for business.

Crowdfunding is increasingly an established form of alternative finance for start-ups and small and medium-sized enterprises (SMEs), typically relying on small investments represents an increasingly important type of intermediation where a crowdfunding service provider, without taking on own risk, operates a digital platform open to the public in order to match or facilitate the matching of prospective investors or lenders with businesses  that seek funding.

The Law covers both lending-based crowdfunding and investment-based crowdfunding involving the form of loans or the acquisition of transferable securities or of other admitted instruments for crowdfunding purposes.

MAP S.Platis can offer comprehensive support in the procedure for submitting an application for the granting of an authorisation as a crowdfunding service provider with CySEC including post-license support with ongoing obligations.

 

Administrative Services Provider Licensing

MAP S.Platis can assist with the submission of an application of a company established in the Republic of Cyprus intending to provide administrative services according to article 4 of the Law Regulating Companies Providing Administrative Services and other Related Matters of 2012, – L.196 (Ι)/2012 (‘the Law’).

As an Authorised Service Provider (the “ASP”), a company may offer a variety of administrative services to its clients including management of companies, general or limited partnerships, trusts, provision of directors and secretarial services, provision of address of registered office, and opening and managing bank accounts inter alia.

Our specialised team can assist with the ASP’s application to CySEC, from the establishment of the company and its authorisation by the CySEC to on-going operational requirements.

 

Licensing of Banks

We pride ourselves in having top experts to help our prominent clients establish and activate a bank in Cyprus and assist them on a continuous basis with compliance support in its expansion or restructuring.

In terms of authorisation, our expertise relates to the preparation and submission to the Central Bank of Cyprus (the “CBC”) of the following types of applications, in line with CBC requirements, including representation before the CBC:

• Credit Institutions to be established in the Republic;
• Credit institutions established and authorised in a third country, that seek to operate in the Republic through a branch.

 

Offshore Financial Services Licensing

MAP S.Platis offers a complete package towards obtaining an authorisation from an offshore regulator to provide financial services including brokerage, asset management, advisory, payment services and other financial activities in accordance with the specific needs of each client.

Such process is commonly pursued by applicants seeking to take advantage of less stringent and more flexible regulatory environments, beneficial tax rates, access to international markets and enhanced privacy that some jurisdictions offer.

Our expertise lies in guiding the client on selecting the most suitable jurisdiction between the most common offshore financial services centers including Seychelles, Mauritius, Cayman Islands, Labuan, British Virgin Islands, selecting the type of license in accordance with the business model of the client, preparing a complete application package, administering the application process from submission up to approval and also supporting the licensed entity with compliance requirements post approval.

 

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.