Summary of CySEC's Circular C534
Memo #45-2022
CySEC Circular No: C534
Date: 29/11/2022
Subject: Provision of investment and ancillary services and/or performance of investment activities in third countries
Purpose: To inform CIFs for the replacement of Circular C256 regarding the provision of investment and ancillary services and/or performance of investment activities in third countries.
In Summary:
CySEC has issued the Circular C534 on 29/11/2022 to inform the Cyprus Investment Firms (‘CIFs’) regarding the provision of investment and ancillary services and/or performance of investment activities in third countries.
This Circular C534 replaces the Circular C256.
CySEC informs that CIFs wishing to provide and/or perform investment and ancillary services and/or activities in third countries, must notify CySEC via a letter of their intention to do so. The letter should include a list of third countries where the CIF intends to provide/perform services and activities.
This Circular C534 refers to three actions that CIFS should carry out, regarding the provision of investment and ancillary services and/or performance of investment activities in third countries.
CySEC also informs that CIFs must file in the Portal information for the third countries they operate and notify CySEC in writing of any subsequent changes to the third countries in which they operate.
Furthermore, CySEC informs that all existing and newly established CIFs must declare on their websites the names of all the third countries in which they provide/perform services/activities.
In addition, CySEC informs that CIFs that are already operating in third countries should ensure that they continue to comply with the Legislative Framework applicable in the relevant Third Country.
Read the CySEC Circular C534
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