1. Investment Firms
Currently there are more than 200 investment firms regulated by the Cyprus Securities and Exchange Commission (“CySEC”). For all organisations engaged in activities that come under the supervision of the CySEC, a proactive rather than a reactive approach to regulation saves time and effort at a later stage. In an ever-changing regulatory environment, investment firms in Cyprus are faced with the challenge of adapting to new regulations which enforce demanding requirements, whilst also managing compliance costs. EmilianidesKatsaros has a dedicated team of advisoring consultants specialising in the various regulations governing the sector, assisting many clients, through a broad range of services, to comply with their regulatory obligations.
We help Cyprus Investment Firms to confidently navigate regulatory changes, addressing their needs for integrated and practical solutions that cover the entire regulatory agenda and beyond. These changes need to deliver real and significant benefits to their business as a whole.
Our dedicated advisory consultants recognise that every business is different. We can help you to assess the impact of regulation on your business as well as develop and implement a strategic response that empowers you to take control of the regulatory agenda.
If you aim to operate a regulated Investment Firm in Cyprus, you need to apply to CySEC and obtain the relevant license. In a continuously changing regulatory environment, you need to identify whether a license is needed and to set up your operations in the best possible way, thus saving time and money in the process of obtaining the relevant license.
We can help you:
- Prepare or review the full application package that needs to be submitted to CySEC.
- For already licensed investment firms, prepare or review your application to the regulator to set up a branch abroad or offer services cross border.
- In the case of licensed investment firms, prepare or review your application to CySEC in order to obtain a license for the provision of additional investment services.
- Implement the conditions that may be attached to your license to operate as a regulated Investment Firm in Cyprus.
2. Payment Institution
Payment services in the Republic of Cyprus may only be provided by a payment institution which has been granted an authorisation by the Central Bank of Cyprus (CBC). An authorisation for the operation of a payment institution is only granted to legal persons which have been incorporated and have their head office in the Republic.
The following persons may provide payment services in the Republic of Cyprus without obtaining the prior approval of the CBC:
- Banks licensed by the CBC or by a competent supervisory authority of another EU member state.
- Cooperative societies which have been licensed by the Authority for the Supervision and Development of Cooperative Societies or by the competent supervisory authorities of other EU member states.
- Electronic money institutions which have been licensed by the CBC or by competent supervisory authorities of other EU member states.
- Post office giro institutions which are entitled under national legislation to provide payment services.
- The European Central Bank and national central banks when not acting in their capacity as monetary or other public authorities.
- Member states or regional or local authorities when not acting in their capacity as public authorities.
- Payment institutions that have been granted and maintain a valid authorisation to operate by the competent supervisory authorities of other EU member states.
These institutions may either exercise the right of establishment or the right to provide services on a cross - border basis, provided that the competent authorities of the home member state submit a notification to the CBC.
Our advisory consultants are ready to assist your organisation with the process and the legal drafting, of the supporting documentation required to be legal persons interested in obtaining an authorisation from the Central Bank of Cyprus, to provide payment services.
Our services with regards to the licensing of a Payment Institution include a wide spectrum of services required:
- Preparing the Application
- Drafting the required questionnaires
- Compiling the appropriate and relevant information
- Advising on Management structure
Legal Drafting and counseling
- Communicating with CBC on behalf of client
- Tax compliance