New Marketing Condition in Poland – C221

In accordance with Circular 221 – New rules set by the Polish Financial Supervision Authority (the ‘KNF’) regarding persons that are allowed to provide activities in the territory of Poland, CySEC informs Cypriot Investment Firms to adjust their business models to include new specifications when soliciting clients within the territory of Poland, CySEC informs Cypriot Investment Firms to…

Read More

Provisions for selecting Affiliates – C217

As in accordance with Circular 217 – Use of Affiliates, when CIFs use affiliates to promote its services and products must ensure that the selected affiliate acts in compliance with the laws and regulations imposed by CySEC and the jurisdiction the affiliate operates in. Responsibility of marketing remains always with the CIF therefor the CIF…

Read More

New Marketing Conditions in Spain – C210

In accordance with Circular 210 – New requirements of the Spanish Securities and Exchange Commission (the “CNMV”) regarding the provision of warnings on complex financial instruments to retail clients resided in Spain, CySEC informs Cypriot Investment Firms to adjust their business models to include new specifications when soliciting clients within the territory of Spain. In…

Read More

New Marketing Conditions in Germany – C208

In accordance with Circular 208 – BaFin’s General Administrative Act regarding the restriction of marketing, distribution and sale of financial contracts for difference (CFDs) should they have an additional payments obligation, to retail clients in the territory of Germany, CySEC informs Cypriot Investment Firms to adjust their business models and marketing campaigns to include the…

Read More

New section on CySEC Portal C211

As in accordance with Circular 211 – Expansion of CySEC Portal to include CIF Record Content, CySEC has added to its portal a new section for electronic records where CIFs are now able to update their information at any time. XML submission is now ceased and the TRS system will not accept any XML updates.…

Read More

Personal Data Protection – C207

In accordance with CySEC Circular C207 – Compliance with article 7(1) of the Processing of Personal Data (Protection of Individuals) Law 138(I)/2001 (the “Law”) – Notification to the Commissioner about the establishment and operation of a filing system or the commencement of processing, all Cypriot Investment Firms must notify the Commissioner of the Protection of Personal…

Read More

Provision of services in a third country – Circular C204

Following Circular C192, CySEC issued Circular C204 – Freedom to provide investment and ancillary services and/or perform investment activities in a third country, updating requirements for provision of related services to countries other than Cyprus. Main addition is that every financial firm MUST acquire an official document from the respective country’s authority, or an authorized legal advice allowing the…

Read More

New Marketing Conditions in France – Circular C202

France has adopted a new legislation in relation to offering investment products and services to its citizens and this has been adopted by CySEC with Circular C202 – France’s national legislation regarding the prohibition of electronic advertising to retail investors when offering speculative, complex and risky products in the territory of France. In short the…

Read More

Brexit Impact – Circular 201

In accordance with Circular C201 – Possible impact of the UK’s exit from the EU on the activities and services of Cyprus Investment Firms, issued by CySEC, all Cypriot Investment Firms must prepare and letter to CySEC informing for the preparations the firm is making to prepare for the effects from United Kingdom exit from European…

Read More