The Cyprus Securities and Exchange Commission (CySEC ) is introducing a new fast-track procedure for the examination of authorization applications for a number of legal entities.
Eligibility under Four Different Laws
These include entities that have already submitted applications in accordance with the following legislation: the Investment Services and Activities and Regulated Markets Law (section 21); the Administrative Service Providers Law (section 10); the Undertakings for Collective Investments Law (sections 8 and 111); the Alternative Investment Fund Managers Law (section 7); and the Alternative Investment Funds Law (sections 12 and 115).
The new scheme does not cover administrative service providers whose applications were submitted under section 11 of the Administrative Service Providers Law, as they are covered by another fast-track examination procedure in place since January last year.
Fees between 800 and 1,700 Euro
The regulator wrote in a statement that the entities eligible for this new fast-track procedure will need to pay additional fees totaling, as follows, 1,500 euro ($1,652) for investment firms, and 1,700 euro for undertakings for collective investments in transferable securities (UCITS) management companies and alternative fund managers. The fee for internally managed UCITS has increased by 240 euro for each additional investment compartment for the first 15 compartments, and by 150 euro for every other compartment beyond these.
Money is due only after confirmation of interest
For other UCITS and alternative investment funds (AIFs) the fee will be 1,100 euro, rising by 240 euro for each additional investment compartment and, again, by 150 for each compartment above that. The fee payable by AIFs with a limited number of persons, the fee has been set at 800 euro, to rise by 180 euro for each additional investment compartment for the first 15, and by 150 euro for each compartment added above that number.
Entities interested in the fast-track procedure should notify the regulator via email, addressed to Mrs Christoulla Ignatiou at cignatiou@cysec.gov.cy. No fees are due for this show of interest. All fees due are only to be paid after the entity, who has expressed an interest in receiving an authorization under the fast-track procedure, confirms specific interest in a direct communication with a CySEC official.
