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Circular C192 – Freedom to provide investment and ancillary services and / or perform investment activities in a third country

We would like to draw your attention to CySEC’s Circular C192 (“the Circular”) dated 03.03.17, regarding the freedom to provide investment and ancillary services and / or perform investment activities in a third country.

Cyprus Investment Firms (CIFs) may provide / perform investment services / activities in the territories of third countries only when they are authorised to do so by CySEC and the respective competent authorities of the third countries, where applicable. CIFs remain solely responsible to acquire such authorization by the competent authorities of the third countries.

CySEC’s Circulars CI144-2013-22A and C096, have also communicated to CIFs, their obligations in relation to compliance with the provisions of Section 79 of Law144(I)/2007 as amended (“the Law”), when they intend to provide investment and ancillary services and / or perform investment activities in the territories of third countries.

Concluding its meeting dated 13.02.17, CySEC’s BoD has decided that any new “Cross – Border” requests to CySEC must be accompanied with:

  • Certified copy of the authorization from the competent authority of the third country to provide such services, prior to CySEC allowing or prohibiting the provision of Investment and Ancillary Services and / or performance of Investment Activities in a third country, in accordance with Section 79 of the Law. In case that the said third country does not require such authorization, the CIF shall provide CySEC with a legal opinion issued by a qualified lawyer or a legal firm of the relevant jurisdiction that no such authorisation is required.
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