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ARTICLE · 17 APRIL 2013

International Briefings 2013

Elias Neocleous & Co LLC
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The Cyprus Securities and Exchange Commission have recently issued a circular addressed to Cyprus investment firms to draw their attention to the obligations attached to their freedom to provide services in other EU member states.

CyprusFinance and Banking
Costas Stamatiou
Costas Stamatiou
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Guidelines on Cypriot investment firms providing services in other EU member states

On February 21 2013, the Cyprus Securities and Exchange Commission (CySEC) issued a circular addressed to Cyprus investment firms (CIFs) to draw their attention to the obligations attached to their freedom to provide services in other EU member states (host member states). The provision of services under the freedom to provide services means that a CIF provides services freely in the host member state without having a physical presence there, for example through its website. Different arrangements apply if the CIF has employees or representatives physically present in the host member state acting on its behalf. These are contained in article 76 of the Investment Services Law, which regulates the establishment of a branch or the appointment of a tied agent attached to a branch established in the host member state.

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