CySEC Guidance To Administrative And Corporate Services Providers On Reporting Requirements

The Cyprus Securities and Exchange Commission ("CySEC") has issued a circular reminding providers of administrative and corporate services ("ASPs") that it supervises of their reporting obligations under the Law regulating Companies providing Administrative Services and Related Matters of 2012 ("the ASP Law").

It draws attention to article 11(1)(c) of the ASP Law, which provides that ASPs whose application for a licence is under consideration by CySEC must comply with the requirements of the ASP Law and CySEC Directive DΙ144-2007- 08 of 2012 for the Prevention of Money Laundering and Terrorist Financing ("the AML Directive").

Article 22 of the ASP Law requires ASPs to prepare financial statements that show a true and fair view and comply with all applicable accounting standards and rules, and to have them audited by a registered auditor. The financial statements and auditor's report should be completed no later than four months after the end of the financial year.