CySEC advises firms wishing to relocate to Cyprus after Brexit on deadlines to do so

Maria Nikolova

Firms are advised to submit their applications to CySEC as soon as possible and no later than the end of September 2018.

Shortly after the European Securities and Markets Authority (ESMA) posted a Public Statement stressing that market participants need to prepare for the so-called “hard Brexit”, the Cyprus Securities and Exchange Commission (CySEC) also issued an update on the matter.

The CySEC announcement, published today, concerns the timely submission of requests for authorisation by entities wishing to relocate to another EU member state due to the United Kingdom withdrawing from the European Union.

ESMA has clarified that by March 30, 2019, firms must have a fully authorized legal entity located in the European Union to continue providing services in the EU.

”To facilitate the thorough application and examination process for new authorisations, entities wishing to relocate to the Republic of Cyprus, be authorised for regulated services and become operational by 30 March 2019, are advised to submit their applications to CySEC as soon as possible and no later than the end of September 2018, in order to allow their case to be reviewed”, CySEC says.

Enquiries are accepted via the following email address: [email protected]

The announcement by CySEC lacks any explanation on why firms willing to relocate outside of the UK would choose Cyprus as the host of their EU headquarters. Although it is hard to expect any marketing content in an announcement issued by a regulator, it is difficult to see why a company would choose to have its reputation associated with an island that is still associated with retail FX companies with suspicious track records and binary options firms.

The effort to establish an Innovation Hub appears to be a step in the right direction by the Cypriot regulator but we have yet to see how this plan materializes.

Read this next

Digital Assets

DeFiChain tokenizes Walmart, Unilever, US Oil and Gas Funds

Bitcoin-based DeFi platform DeFiChain is opening up the opportunity for its users to trade crypto versions of Walmart, Unilever, US Oil Fund, and US Gas Fund.

Industry News

The B2Broker B2Core REST API Is Now Live

B2Broker has announced the release of its new REST API, which lets customers use B2Broker’s solutions and services for business purposes.

Executive Moves

CME Group taps Paul Woolman to lead Equity Index, Giovanni Vicioso to lead Crypto

“Our equity and cryptocurrency businesses have experienced tremendous growth in recent years, underpinned by strong customer adoption and continued innovation.”

Technology

Sumsub launches document-free KYC for users in India, Brazil, Nigeria and Indonesia

Sumsub has launched one click-KYC for users in India, Brazil, Nigeria and Indonesia in a move that allows businesses to instantly onboard over 2 billion users without requesting their ID documents.

Digital Assets

Cboe becomes first major global exchange operator on DeFi data platform, Pyth Network

“Our participation in the Pyth network will provide another avenue to broaden customer access to our data, and aligns with our strategy to deliver market data to investors around the globe based on how they want to consume their data, whether through direct connectivity methods, the cloud or the blockchain.”

Industry News

FINRA fines Barclays Capital $2 million for best execution failures for 5 years

FINRA has fined Barclays Capital $2 million for failing to comply with its best execution obligations in connection with its customers’ electronic equity orders between January 2014 and February 2019. 

Digital Assets

SETL helps SWIFT, CSDs and custodians develop common framework for tokenisation systems

London-based enterprise DLT and blockchain company SETL has delivered a pilot project for SWIFT which implemented a common framework linking tokenisation systems between central security depositories (CSDs) and global custodians.

Digital Assets

Crypto volumes hit CHF 87.1 million at Switzerland exchange

Switzerland’s principal exchange has experienced a rebound in trading activities for September 2022, with monthly volumes increasing by more than 20 percent MoM.

Digital Assets

Bitcoin Suisse Vault taps Polkadot governance features

Bitcoin Suisse has added support for Polkadot protocol governance on its proprietary, hyper-secure cold storage solution, the Bitcoin Suisse Vault.

<