The Cyprus Securities And Exchange Commission Policy Statement (PS-02-2020)

The Cyprus Securities and Exchange Commission has issued a Policy Statement (PS-02-2020) in order to notify its decision to launch a Temporary Permission Regime for the provision of investment services to professional clients and eligible counterparties based in Cyprus by UK Investments Firms. It is well known that United Kingdom has left the European Union on the 31^st of January 2020. As a result of this decision a transitional period was decided until the 31^st of December 2020. During the Transitional period the cross-border provision of investment services and/or investment activities, including any relevant ancillary services, within the meaning of Directive 2014/65/EU, also known as “MIFID Passport”, will be possible to or from the UK. On the 1^st of January 2021, after the expiration of the Transitional period, UK Investment Firms will be considered to be as Third Country investment Firms. CySEC has proceeded to the amendment of the Directive DI87-04 to enable the