Regulated Investment Services
The commission is responsible for overseeing and regulating the following services (shown in the table below). The first task is therefore to decide which services a license should be applied for.
|1||Reception and transmission of orders in relation to one or more financial instruments.||Reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client.|
|2||Execution of orders on behalf of clients.||Acting to conclude agreements to buy or sell one or more financial instruments on behalf of clients.|
|3||Dealing on own account.||Trading against proprietary capital resulting in the conclusion of transactions in one or more financial instruments. The terms “trade on own account” or “trading on own account” have similar interpretation.|
|4||Portfolio management.||Managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments.|
The provision of personal recommendation to a client, either after his request, or on the initiative of the CIF, in relation to one or more transactions related to financial instruments.
(a) Is made to a person in his capacity as a client or potential client, or in his capacity as an agent of a client or a potential client, and (b) is presented as suitable for the client, or is based on a consideration of the circumstances of the client (i) to buy, sell, subscribe for, exchange, redeem, hold or underwrite a particular financial instrument.
But does include a recommendation that is issued exclusively through distribution channels or to the public.
|6||Underwriting of financial instruments and/or placing of financial instruments on a firm committed basis.||Underwriting refers to the process whereby an investment bank raises investment capital from investors on behalf of corporations and/or governments that are issuing securities (either Equity or Fixed Income). It assumes that the underwriter has taken on the risk of distributing the securities. Should he be unable to find enough investors, he will have to hold some securities for himself.|
|7||Placing of financial instruments without a firm commitment basis.|
|8||Operation of Multilateral Trading Facility.||A multilateral system operated by a CIF or market operator, which brings together or facilities the bringing together of multiple third-party buying and selling interest in financial instruments – in the system and in accordance with its non-dictionary rules.|
Cyprus Regulatory Update: Shell Company Definition & Exceptions
The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:
Singapore Variable Capital Company VCC: New Features & Benefits
The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.
Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Challenges of Our Time: Cryptocurrencies & Their Regulation
The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.
The Tax System in Poland: Benefits & Overview
The tax system in Poland is one of the most loyal for both large and small businesses in the country. There are two levels in the system that relate not only to residents of Poland, but also to foreigners. The Polish tax system consists of administrative taxes (duties are paid directly to state bodies) and local taxes (the process is similar to the previous type). Therefore, Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.
The reasons of abolition of the Company Secretary in UK Private Companies
The role of Corporate Secretary can be a position in a private sector company or within the public sector organisation. In large, publicly-listed corporations, a Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.
The Dematerialisation of Shares in the UK: Current Update & Assessment
Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.
Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.