Cyprus Investment Firm: General Information and Requirements
An application is made to the Cyprus Securities and Exchange Committee (“CySEC”) to review, approve and grant the license for the provision of services as specified therein.
There are 3 categories of CIF licence, namely:
|Eligible||Low regulatory protection for clients: To deal with regulated institutions|
|Professional||Medium regulatory protection for clients: To deal with Professional Clients|
|Retail||Highest level of regulatory protection for client: To deal with all types of clients|
CIF General Information and Requirements for license:
(a) Total Timeframe: 6-8 months (up to 2 months preparation 4-6 months CySEC review/decision)
(b) CIF Location: Head office in Cyprus fully and appropriately staffed
(c) Board of Directors: at least two executive and two independent non-executive members; all with appropriate professional knowledge, industry experience, and good reputation
(d) Summary of Documents required: Organisational Chart, Group Structure, Business Plan, Outsourced Services and Counterparties, Anti-money laundering manual, internal controls and procedures manual, Executive Directors’ CVs, Clean Criminal record certificates and non-bankruptcy certificates, Consents to act as Director)
(e) Minimum Capital Requirements:
The CIFs total accounting equity [retained earnings + shareholders’ capital] cannot fall under the initial share capital requirement as described below:
CIF does Not hold Clients’ money and /or Clients’ financial instruments:
|Reception and execution of orders||€50,000.00|
|Provision of Investment advice||€50,000.00|
CIF holds Client’s money and/or Client’s Financial Instruments (FIs):
|Reception and transmission of orders in relation to FIs||€125,000.00|
|Execution of orders on behalf of clients||€125,000.00|
|Provision of Investment Advice||€125,000.00|
CIF Provides one or more of the following investment services or activities:
|Dealing on own account||€730,000.00|
|Underwriting of FI and/or placing on FI basis||€730,000.00|
|Placing of FI without a firm commitment basis||€730,000.00|
|Operating of Multilateral Trading Facility (MTF)||€730,000.00|
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