The Cyprus Securities and Exchange Commission (CySEC) today issued a notice to Cyprus Investment Companies (CIFs) regarding the provision of investment and ancillary services and/or investment activities in third countries.

According to CySEC, CIF wishing to provide investment and ancillary services in third countries must notify CySEC through a letter, which must include a list of third countries where CIF intends to provide/execute services and activities.

Before providing/carrying out the above services/activities in a third country, CIF needs to obtain necessary authorization from their respective regulatory authorities in accordance with the legislative framework of the third country. CIF shall provide CySEC with certified copies of the authorization from third-party authorities to provide these services.

If a third country does not require such authorization, CIF must provide CySEC with relevant certificates from the competent authorities of the third country, stating that legislation does not require such authorization for the services/activities carried out.

CIF is specifically responsible for obtaining such authorization from the competent authorities of third countries. CIF must also archive this information on the portal website and notify CySEC in writing of any subsequent changes in the third country where its business is located.

All existing and newly established CIF must declare on their website that they provide/perform services/activities in all third countries. CIF that has already conducted business in a third country should ensure continued compliance with the relevant legislative framework applicable in the third country.