29/04/21

CYPRUS: UK investment firms flock to jurisdiction.

As published on international-adviser.com, Wednesday 28th April, 2021.

The Cyprus Securities and Exchange Commission (CySec) has received 96 applications by UK investment firms looking to utilise its temporary permissions regime (TPR) post-Brexit.

CySec said that out of the 96 applications, seven were “deemed as inadmissible based on the TPR eligibility criteria” and one was withdrawn.

The TPR does not require a physical presence in Cyprus for UK firms when providing investment services solely to professional clients and eligible counterparties based on the island.

It expires on 31 December 2021, after which services must cease or a presence must be established on the island.

The deadline for submission was 31 December 2020, but it was extended to 28 February 2021.

CySec said: “Interested parties are encouraged to consult the Brexit Information Hub, which aims to facilitate the seamless navigation of Brexit related information and support the compliance of interested parties with their legal obligations.”

Some firms have already bolstered their Cyrpus presence including EFG International, which received regulatory licences from CySec and the Central Bank of Cyprus (CBC).