"Fast-track" Procedure For Authorisation By The Cyprus Securities And Exchange Commission

In November 2015 the Cyprus Securities and Exchange Commission ("CySEC") introduced a "fast-track" procedure in order to expedite the examination and determination of pending applications for authorisation, which involved paying a supplementary fee that would be used to finance overtime payments to employees of CySEC who would examine the applications outside their normal working hours, with a view to determining "fast-tracked" applications within eight weeks. Applications from entities not wishing to participate in the scheme would continue to be processed as normal.

CySEC has now announced that, due to the large number of applications it received for participation, the "fast-track" scheme will be closed to new applications until 1 April 2016. Applications within the scheme will continue to be processed as before.