Compliance risks: What you don’t timely manage can hurt you

As global regulations and stakeholder expectations increase significantly, organizations are exposed to a greater degree of compliance risk than ever before. Compliance risk is a threat to a company’s financial, organizational, or reputational standing resulting from violations of laws, regulations, codes of conduct, or standards of practice. Cyprus Investment Firms (‘CIFs’), Alternative Investment Funds (‘AIFs’)…

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Extension of TPR by CySEC

Establishment of Temporary Permission Regime (‘TPR’) UK MiFID II firms became non-EU financial institutions no longer benefiting from the so-called “MiFID II” passport post-Brexit. Due to this, Cyprus Securities and Exchange Commission (‘CySEC’), established a TPR. Please find more information in our previous article regarding TPR here. Notification to TPR Entities in relation to the…

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AML and Crypto Assets

In a little over a decade, Bitcoin and other crypto assets have progressed from an idea to an economic phenomenon. We have seen cryptocurrencies explode as a viable way to trade currency. Due to its very nature and initial lack of regulation, it resulted in a large stream of illicit activity – namely money laundering.…

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How to Register with CySEC as a Crypto Asset Service Provider (“CASP”)

On 25 June 2021, the Cyprus Securities and Exchange Commission (the “CySEC”) released its directive on the CASP register (the “CASP Directive”), which forms subsidiary legislation issued under section 61E of the Cypriot Prevention and Suppression of Money Laundering Law 2007.Furthermore, on 13 September 2021, CySEC issued a Policy Statement on the Registration and Operations…

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New measures for attracting foreign investments in Cyprus

On 15 October 2021, the Cyprus government presented its new Action Plan to attract foreign investments in the country, placing an emphasis on high-tech, research and innovation companies. The implementation of this new strategy, which is expected to start from January 2022, aims to create added value to the economy and redefine the country’s development model,…

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Ready made financial licenses for sale in Cyprus – CIFs

At CX Financia, #YourTrustedFinancialAdvisor, one of the most common requests and inquiries we receive relates to financial licenses for sale in Cyprus. Such inquiries often entail the purchase of an empty shell (CIF) – an investment company for which a license in Cyprus has already been issued but with minimal activities. All these questions from customers…

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Analysis of Class 2 Firms – IFD/IFR

IFD/IFR – Analysis of Class 2 Firms and their Capital Requirement Calculations Introduction In our previous article (can be found here) we analyzed the categorization of investment firms in accordance with the new Prudential Regulation and Directive (IFR/IFD). Class 2 investment firms will be subject to new risk-based regulatory capital requirements, assessed as the higher…

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A guide of the new prudential framework IFD/IFR

Guide on the implementation of the new prudential framework of Investment Firms (IFD/IFR), publication and testing submission of the new reporting forms under IFD/IFR Background The EU has adopted a new harmonised prudential regime that has been applied to all investment firms authorised in the EU since June 2021. The new Investment Firm Regulation and…

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CySEC’s new policy for Crypto-Asset providers (CASP)

On 25 June 2021, the Cyprus Securities and Exchange Commission (CySEC) released its directive on the CASP register (CASP Directive), which forms subsidiary legislation issued under section 61E of the Cypriot Prevention and Suppression of Money Laundering Law 2007. Furthermore, on 13 September 2021, CySEC issued a Policy Statement on the Registration and Operations of…

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