UK companies able to continue to operate in the EU pending final sign off

The Cyprus Securities and Exchange Commission (“CySEC”) announced on December 14^th, 2021, the amendment of Directive 87-04. The amendment relates to the provision of investment services by entities authorised and regulated by the UK’s FCA to eligible counterparties and professional clients based in Cyprus after the expiry of the Brexit transition period on December 31^st, 2020. 

According to the amendment, UK investment firms will be able to continue to provide services without a physical presence in Cyprus considering that their application is under review.  

Following the approval of their application, companies will be granted a period of 6 months to onboard their clients and to migrate them to their Cyprus entity. All other entities whose application is not approved will need to cease the activities in the Republic. 

The names of entities able to continue to operate based on the TPR post December 31^st2021, will be published in the CySEC website. 

For further information, please contact Anna Philiotis, Director – Advisory Services in our Eurofast office in Nicosia, at nicosia@eurofast.eu