The Cyprus Securities and Exchange Commission (CySEC) today announces that it has decided to suspend the ‘fast track’ examination scheme for the examination of applications for authorisation.

The Commission explains that it has reached this decision due to the exceedingly large number of applications received for participation in the scheme.

As a result, CySEC will process the applications received to this day for participation in the Scheme, but it will not accept any more applications.

The regulator adds that the Scheme will be launched again with the same procedures and time schedules that were set at the Commission’s Announcement dated November 2, 2015, at a future date that will be announced by the Commission.

This Scheme (when active) applies to all entities that intend to submit applications for authorisation in accordance with:

• Section 7 of the Investment Services and Activities and Regulated Markets Law of 2017;
• Section 10 of the Administrative Service Providers Law of 2012 (the ‘ASP’ Law);
• Sections 8 and 111 of the Undertakings for Collective Investments Law of 2012;
• Section 7 of the Alternative Investment Fund Managers Law of 2013;
• Section 12 of the Alternative Investment Funds Law of 2018.

Let’s note that (when the scheme applied) an applicant had to pay an additional fee for the application, part of which was received by the officer of CySEC that examined the application as overtime since these applications were examined during non-working hours. The ‘fast- track’ examination fee was €25,000 for any type of application.