When acquiring or selling a ready-made company, it’s important that you have a trusted partner by your side who understands the industry, the regulatory framework, and the potential risks involved. Our team at CX Financia will work together with you to identify the most suitable jurisdiction and business model for your goals. Our success lies in our expertise in buying and selling, our trusted network…
The Financial Services Growth Sector in Cyprus has attracted significant amounts of Foreign Direct Investment (FDI). This also includes funds from the European Bank for Reconstruction and Development (EBRD). The European Investment Bank has been a supporter of Cyprus for 35 years, with investments of 2.7 billion euros. Also, Cypriot banks are all fully recapitalized…
We are excited to announce that we will speaking at Forex Expo 2022. What is Forex Expo? This is a global interactive B2B event in the Forex industry taking place in Parklane, a Luxury Collection Resort & Spa (Marriot), Limassol, Cyprus for the second time. The legendary show with a 20-year history was organized in hybrid…
As we enter into the reporting period, CX Financia’s Compliance team has produced a helpful overview of the previous year’s reporting. This will help you prepare for the upcoming reporting obligations. As part of its supervision role, CySEC conducts an annual assessment of all the Annual Reports of the MLCO (the ‘Reports’). This assessment relates…
The Registrar of Companies and Intellectual Property Department has recently conducted an information campaign. The campaign was inviting all legal entities in the Registrar of Companies, to disclose their UBOs in the UBOs Register. The deadline to complete this procedure is the 12 March 2022. At CX Financia we get lot of enquiries in relation…
Cyprus Securities and Exchange Commission (the “CySEC”) from time to time performs onsite inspections to its Regulated Entities to assess their compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law (‘the Law’) and the CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (‘the Directive’). Although CySEC…
The Cyprus Securities and Exchange Commission (CySEC) has redefined the threshold criteria that determines a ‘significant CIF’, in light of the new Prudential Law. The new circular (c487) amends the previous one (c228). Definition of a “significant CIF” for the purposes of Investment Services Law A CIF that has on and off-balance sheet assets on…
Parliament of Cyprus has recently passed a law on the protection of whistleblowers. This is an important step in cracking down on corruption in the public sector. The new legislation called “the Protection of Persons Reporting Breaches of Union and National Law of 2022” (the Law), applies to the reporting of breaches of EU or Cyprus…
In our previous article, we have talked about the main provisions of a CIF. One of the most common inquiries we receive relates to the procedure in order to set-up a CIF, through the Cyprus Security and Exchange Commission (the ‘CySEC’) and the fees payable, accompanied by the CIF application of a new license and…
The financial sector in Cyprus is continuously growing. Our company has been successfully obtaining licences for our clients for the authorisation of Investment Firms (CIFs), Investment Funds (AIFS and AIF Managers) and Electronic Money Institutions (EMIs). We undertake, advise and support with the application process. We fully support them in setting up their business, maintaining it operational and addressing their post-licensing…