The Cyprus Securities and Exchange Commission (CySEC) is amendinf Directive 87-04, in an effort to ensure the smooth transition of UK groups operating under the Temporary Permissions Regime (TPR), until they establish a physical presence in Cyprus.
CySEC originally introduced the TPR so that UK firms could continue to provide investment services without a physical presence in Cyprus, under the condition that they only offer their services to eligible counterparties and/or professional clients based in Cyprus, up until 31 December 2021.
The amendment means that companies will now be Abe to continue operating under the TPR until the relevant application is reviewed. Upon the approval of the relevant application, a period of additional six months is granted for the smooth and compliant onboarding of clients to the Physical Establishments and/or for such establishment becoming fully operational, as applicable.
