The Cyprus Investment Firm

A. INTRODUCTION

The provision of investment and ancillary services in Cyprus is governed by the Law 144(I)/2007 on the Provision of Investment Services, Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters (the "Law").

The Law came into force on 1st November 2007 repealing and replacing the old Investment Firms Law of 2002 and implementing the provisions of the Markets in Financial Instruments Directive ("MiFID") into the domestic law. The Law has undergone various amendments with the most recent ones taking place in 2014.

The implementation of this new legal framework and its continuous harmonization with European Directives along with a favorable tax treatment makes Cyprus an attractive place for establishing an investment firm ("IF") offering investors and businesses a "single passport" to provide investment services across the European Union ("EU").