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ARTICLE · 09 NOVEMBER 2017

MiFID II And Cyprus: Ready For 2018

Harneys
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Cyprus has given full effect to Directive 2014/65/EU, (MiFID II), through the enactment of the Investment Services and Investment Activities and Regulated Markets Law 2017 (New IS Law).

European UnionFinance and Banking
Aki Corsoni-Husain
Aki Corsoni-Husain
Elina Mantrali
Elina Mantrali
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This is the first in a series of articles from Harneys on MiFID II. Here we focus on scoping issues and changes to the perimeter of the local investment services regime.

Background

Cyprus has given full effect to Directive 2014/65/EU, (MiFID II), through the enactment of the Investment Services and Investment Activities and Regulated Markets Law 2017 (New IS Law). We outline below the key changes expected for the Cypriot financial services industry once the new MiFID II regime comes into force from 3 January 2018.

The new local legislation repeals and recasts the vast majority of rules contained in the Investment Services and Investment Activities and Regulated Markets Law 2007 (Old IS Law) which implemented Directive 2004/39/EC, (MiFID I).

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