Summary of CySEC's Circular C591
Memo #45-2023
CySEC Circular No: C591
Date: 03/08/2023
Subject: Appointment of an Alternate Director to attend a meeting of the Board of Directors of a CIF
Purpose: To inform the CIFs regarding the circumstances under which, a member of the BoD of a CIF, may appoint an Alternate Director to attend a meeting of the BoD of the CIF in its place.
In Summary:
CySEC has issued the Circular C591 on 03/08/2023 to inform the Cyprus Investment Firms (‘CIFs’) regarding the circumstances under which, a member of the Board of Directors of a CIF, may appoint an Alternate Director to attend a meeting of the Board of Directors of the CIF in its place, taking into account the provisions of sections 9 and 10 of the Investment Services and Activities and Regulated Markets Law of 2017, as in force ("Law").
This Circular refers to the conditions when CySEC does not oppose the appointment of an Alternate Director, what information shall the notification for the appointment of an Alternate Director filed with CySEC by the CIF at least include and other information.
This Circular also includes a sample of the notification for the appointment of an Alternate Director that shall be completed by the CIF for notifying CySEC. The notification shall be sent via email to CySEC.
Read the CySEC Circular C591
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