CySEC: impact of Swiss franc on Cyprus investment firms

By in
CySEC: impact of Swiss franc on Cyprus investment firms

Following the recent commotion created by the Swiss National Bank’s decision to discontinue the minimum exchange rate of 1.20 Swiss francs per euro with immediate effect, the Cyprus Securities and Exchange Commission (CySEC) is endeavouring to instigate an assessment of how far Cyprus Investment Firms (CIFs) have been affected.

Following the recent commotion created by the Swiss National Bank’s decision to discontinue the minimum exchange rate of 1.20 Swiss francs per euro with immediate effect, the Cyprus Securities and Exchange Commission (CySEC) is endeavouring to instigate an assessment of how far Cyprus Investment Firms (CIFs) have been affected.

As such, CySEC has released a statement deeming it necessary for all investment firms report by Tuesday January 20, 2015 at the latest, any client funds that have been compromised, or whether business, liquidity, or funds have been impacted.

Eltoma can confirm that any investment firms that find themselves in this situation must return a detailed analysis of the nature of the estimated impact, the estimated impact on monetary terms, and the measures and actions that will be taken to rectify the situation.