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Regulatory

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Counsel
  • Cayman Islands

Brexit – CySEC announces Temporary Permissions Regime for UK investment firms

On 22 December 2020, the Cyprus Securities and Exchange Commission (CySEC) issued a press release announcing the introduction of a Temporary Permissions Regime (TPR) in respect of the provision of investment services and conduct of investment activities by UK investment firms to eligible counterparties and professional clients in Cyprus after the expiry of the Brexit transition period on 31 December 2020.

Alongside the press release, CySEC has also issued Policy Statement PS-02-2020 outlining the rationale for the TPR. 

The TPR will be introduced by way of an amendment to CySEC’s Directive DI 87-04 for the provision of services by third country firms to eligible counterparties and professional clients.

In particular, UK investment firms which duly join the TPR may continue to provide services to eligible counterparties and professional clients in Cyprus for an additional 12 months following the expiry of the transition period, that is to say until 31 December 2021.

UK investment firms wishing to benefit from the TPR must notify CySEC by 31 December 2020 at TPR@cysec.gov.cy with a completed notification form Form 87-04-01.

CySEC’s press release can be found here.

CySEC’s Policy Statement can be found here.

CySEC’s Form 87-04-01 can be found here.