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Circular C256 (Provision of investment and ancillary services and/or performance of investment activities in a Third-Country)

CySEC wishes to inform CIFs which intend to provide investment and ancillary services and/or perform investment activities in the territories of Third-Countries, of the following:

  • Prior to providing/performing the above-mentioned services and activities in Third-Countries, CIFs must:
  1. notify CySEC via a letter of their intention to do so. The said letter should state for each targeted Third-Country, whether CIF has obtained the relevant authorisation by the competent Authority or a Legal Opinion that no authorisation is required; and
  2. acquire the necessary authorisation by the respective competent Authorities of the Third-Countries, in accordance with their legislative framework; and
  3. provide CySEC with a certified copy of the authorisation for the provision of these services by the competent Authority of the Third-Country.
  • In case the Third-Country does not require such authorization, the CIF must provide CySEC with a Legal Opinion issued by:
  1. a qualified lawyer or a legal firm of the relevant jurisdiction that no such authorisation is required or a certified copy of the Legal Opinion.

CySEC’s expects that: CIFs are exclusively responsible to acquire such authorization and/or a Legal Opinion as mentioned above. CIFs must also file such information in the CySEC Portal and notify CySEC in writing of any subsequent changes to the Third-Countries in which they operate.

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