On 2nd February 2017 the Cyprus Securities and Exchange
Commission ("CySEC") issued the long awaited Circular No.
C181.
According to Circular C181, CySEC imposes stricter guidelines as
to the information which can be provided by Cyprus Investment Firms
("CIFs") to clients and as to who can provide this
information.
It is very important to note that according to the provisions of
the Circular, CIFs may not outsource these activities to third
parties / service providers and should be done internally or by
either the CIF's branch situated in the Republic or in another
EU Member State. In addition, stricter measures are being imposed,
such as the prohibition of the use of alias names in its entirety.
CIFs remain responsible for the services provided by any third
party / service provider and the Company's compliance
department is under the obligation to have in place the relevant
monitoring procedures and effective controls to ensure the
provisions of the Law and
