CySEC receives 96 applications by UK firms for Temporary Permissions Regime
Several months after introducing a Temporary Permissions Regime (TPR), the Cyprus Securities and Exchange Commission (CySEC) has published a register of UK firms that have decided to make use of the regime and whose applications have been accepted.
Let’s note that the Temporary Permissions Regime, established for post-Brexit financial markets, does not require physical presence in Cyprus for UK firms when providing investment services (including when performing investment activities) solely to professional clients per se and eligible counterparties, based in Cyprus.
As consequence of CySEC receiving a significant number of notifications, several of which were submitted after 31 December 2020 and taking into consideration the practical difficulties raised by interested parties, CySEC decided to extend the deadline for the submission of notifications by UK firms who wish to make use of the TPR up until 28 February 2021.
CySEC has received 96 applications by UK firms, 7 of which were deemed as inadmissible based on the TPR eligibility criteria and 1 was withdrawn.
The UK entities granted a Temporary Permission to provide investment services to per se professional clients and eligible counterparties, based in Cyprus up until 31 December 2021 have been listed in a dedicated Temporary Permission Register. The list includes online trading majors such as FXCM, StoneX (the new owner of the Forex.com brand), CMC Markets, Monecor, as well as majors from the institutional FX area such as IS Prime, ICAP and Sucden Financial.
Interested parties are encouraged to consult the Brexit Information Hub, which aims to facilitate the seamless navigation of Brexit related information and support the compliance of interested parties with their legal obligations.