Summary of CySEC's Circular C458

Memo #32-2021
CySEC Circular No: C458

Date: 14/07/2021

Subject: Enhancement of procedures regarding safeguarding of client funds held by CIFs
Purpose: To inform CIFs that the Circular C418 is amended.

In Summary:

CySEC has issued the Circular C458 on 14/07/2021 to inform the Cyprus Investment Firms ("CIFs") that the CySEC’s Circular C418 ‘Enhancement of procedures regarding safeguarding of client funds held by CIFs’ is amended.

Specifically, the amendment refers to the deletion of paragraph 10 of the CySEC’s Circular C418.

Paragraph 10 of the CySEC’s Circular C418 refers "A CIF can act as described in point 9 above only if it is licensed to provide the ancillary service of par. 2, Part II of the Law (granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction)".

The CySEC’s Circular C418 can be found on the following link: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=fbd10434-c305-4a63-bf9d-9b8c7b09a82f 

Read the CySEC Circular C458

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