Redefining threshold criteria of ‘significant CIF’ – Circular C228

CySEC has issued Circular 228 – Redefining threshold criteria of ‘significant CIF’, setting the new criteria for what is consider to be a “significant CIF” under the law. If a CIF meets one or more criteria from the below following the results of its audited financial statements then it will be consider as a “significant CIF” by CySEC:

  • Total assets more than 43 mil. EUR
  • Annual fees /commission income/ net trading income more than 50 mil. EUR
  • Clients’ money more than 35 mil. EUR
  • Clients’ assets more than 750 mil. EUR

It should be noted that a CIF may waive the “significant CIF” status by sending a formal request to CySEC justifying the request and pending approval. It should also be noted that CySEC reserves the right to impose “significant CIF” status to a CIF not fulfilling the above criteria if deemed appropriate.

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