CySEC Gives Regulated Firms 2 Weeks to Assess Prospective Brexit Impact

The Cyprus Securities and Exchange Commission is urging regulated companies to assess any prospective business impacts on the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term process. The Chairman of the Cypriot regulator Demetra Kalogirou sent out a letter addressed to Cyprus Investment Firms (CIFs) this morning.

The contents of the document outline that the companies need to assess the possible impact of the UK's exit. CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term has previously issued several circulars regarding the matter.

[gptAdvertisement]

Cyprus Investment Firms (CIFs) are asked to report to the regulator on the likely effects that Brexit will have on their activities and services. Companies are also asked to submit any suggestions for adopting immediate measures to mitigate the impact on the industry.

EU License Passporting

Companies that are operating under the jurisdiction of CySEC are advised to explore their business model structure in order to assess the prospective impact of the event. A number of Cyprus-regulated companies offer services in the UK. The loss of EU license passporting could have material impact on firms that heavily rely on the UK market.

CySEC is requesting that submissions be sent via the regulator’s web portal as a free text by the end of business on the 28th of April 2017. The documents should have the following title: “C201 - The impact of the UK’s exit from the EU on the activities and services of Cyprus Investment Firms”.

Companies should include the anticipated impact of Brexit and the remedial measures which they have taken and/or are planning to take.