Summary of CySEC's Circular C435
Memo #11-2021
CySEC Circular No: C435
Date: 24/03/2021
Subject: Requirements of the Czech National Bank (the ‘CNB’) regarding the provision of investment services and/or the performance of investment activities in the territory of Czech Republic
Purpose: To inform CIFs about new regulatory requirements issued by the Czech National Bank regarding the provision of investment services/activities in Czech Republic.
In Summary:
CySEC has issued the Circular C435 on 24/03/2021 to draw the attention of the Cyprus Investment Firms (the ‘CIFs’), which intend to provide investment and/or ancillary services and/or perform investment activities in the territory of Czech Republic, to Czech National Bank (the ‘CNB’) regulatory rules regarding the persons that are allowed to provide such services.
The new regulatory rules provide about when to establish a branch in the Czech Republic, when Investment firms intend to provide investment and/or ancillary services and/or perform investment activities in the territory of Czech Republic.
CySEC notes that CIFs may visit CNB’s website https://www.cnb.cz/en/supervision-financialmarket/legislation/investment-firms-and-investment-intermediaries/laws-and-regulations/# to read more information on these CNB’s provisions.
CySEC advises CIFs to consult with their legal consultants regarding the necessary actions/measures required to ensure compliance with CNB’s new regulatory requirements prior to submitting notifications pursuant to article 35 (freedom to provide investment services/activities) of the Law 87(I)/2017 and reiterates the duty of CIFs to fully comply with the provisions laid down in this Circular.
Read the CySEC Circular C435
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