CySEC launches Brexit Information Hub
The Cyprus Securities and Exchange Commission (CySEC) today announces the launch of a dedicated section on its website to serve as a Brexit Information Hub. The new section aims to facilitate a seamless navigation of Brexit related information and compliance of interested parties with legal obligations following the transitional period of the UK’s withdrawal from the EU.
The Brexit Information Hub is being launched in conjunction with the Temporary Permissions Regime (TPR) which enables UK financial services firms that do not have a physical presence in Cyprus to continue to provide investment services to per se professional clients and eligible counterparties in Cyprus for a limited period of time.
Let’s recall that CySEC has given more time to firms willing to apply for the TPR.
CySEC has received a significant number of notifications (more than 70) up until January 28, 2021, several of which were submitted after December 31, 2020. The interested parties have raised practical difficulties due to the short notice provided by CySEC, the operational challenges due to the season’s break and the bulk of workload they are dealing with due to Brexit.
This is why, CySEC has decided to extend the deadline for the submission of notifications by UK firms who wish to make use of the TPR up until February 28, 2021.
Demetra Kalogerou, Chair of CySEC said:
“With the deadline for TPR notifications approaching on 28 February, the number of UK firms that have submitted a notification is encouraging, and reflects the strong interest among these companies for maintaining their operations in Cyprus for the delivery of investment services. At CySEC we are committed to always finding new ways to improve the financial markets.
There are strong ties between the EU and the UK markets and we have advised all interested parties to carefully review their activities and to analyse the impact of Brexit. The launch of the Brexit Information Hub is aimed at offering guidance to those firms that wish to continue working in Cyprus and to allow UK firms that are currently reviewing their post-Brexit arrangements to gain a better understanding of the regulatory environment in Cyprus and in the EU in general.”
The Brexit Information Hub contains:
- 1. A comprehensive set of Q&As per regulated sector;
- 2. All Brexit related announcements issued by CySEC; and
- 3. All Brexit related Circulars addressed to CySEC regulated firms.