In the Republic of Cyprus, the field of provision of investment
and related services is, at a large extent, regulated. More
specifically, the activities of and services provided by investment
firms in the Republic of Cyprus are regulated by the Law on the
provision of Investment Services and Activities and the operation
of Regulated Markets (Law 144(I)/2007) ("the
Law"). The main investment activities exercised
and/or provided by such investment firms constitute the reception
and transmission of orders in relation to one or more financial
instruments, the execution of orders on behalf of clients, dealing
on own account, portfolio management, investment advice and
consultancy, underwriting of financial instruments, placing of
financial instruments on a firm commitment basis, Placing of
financial instruments without a firm commitment basis and operation
of multilateral trading facility being a system that brings
together or facilitates the bringing together of
