New fast track examination scheme for obtaining CIF licence

Author: N. Pirilides & Associates LLC
Date:2015-11-12

The Cyprus Securities and Exchange Commission have recently introduced a new “fast track” examination scheme to speed up the examination of the applications before the Commission and to comfort the relevant entities’ eagerness to get their authorization.

Who can participate?

Entities whose applications have not yet been assigned and are pending examination for authorization.

The Scheme applies:


A.    To all entities that have submitted applications for authorization in accordance with:

  1. Section 21 of the Investment Services and Activities and Regulated Markets Law of 2007;
  2. Section 10 of the Administrative Service Providers Law of 2012 (the “ASP” Law);
  3. Sections 8 and 111 of the Undertakings for Collective Investments Law of 2012;
  4. Section 7 of the Alternative Investment Fund Managers Law of 2013;
  5. Sections 12 and 115 of the Alternative Investment Funds Law of 2014.  


B.    To existing International Collective Investment Schemes that have applied to convert into AIFs with Limited Number of Persons in accordance with section 120 of the AIF Law.

 

The Scheme does NOT apply:

 

To Administrative Service Providers that have submitted application in accordance with section 11 of the ASP Law (as the “fast track” examination scheme announced on the 27th of January still applies for those entities).

 

Essential Requirement:

 

For the examination to proceed, the application must contain all the necessary information according to the provisions of the relevant Law and CySEC Directives.  

 

Herein below you can find the link which will direct you to the relevant announcement from the website of the Cyprus Securities and Exchange Commission. Therein, you will find all relevant information regarding the Scheme, inter alia, its procedure, the applicable “fast track” examination fees which are payable to CySEC according to the type of the applicant’s entity and the indicative time frames regarding the completion of the examination of the applications participating in the Scheme.

http://cysec.gov.cy/CMSPages/GetFile.aspx?guid=b044d0d0-c3df-4ec7-900f-e83c99f02e7c

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