CYPRUS: Cyprus Securities and Exchange Commission’s Publishes Guidance on MiFID II

Tuesday September 5 2017

Further to its Announcement issued on 11 April 2017 in relation to the implementation of the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II) and Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR), the Cyprus Securities and Exchange Commission (CySEC) has announced in summary the changes introduced in relation to Passporting Issues and the provision of investment services and activities by third country firms. The above-mentioned new legislative framework has been transposed into Cyprus national law (Law 87 (Ι)/2017) and applies from 3 January 2018.

This Announcement sets out the main changes introduced by MiFID II and MiFIR, as well as the relevant delegated and implementing Regulations, which relate to the passport notifications and tied agents process for investment firms in the European Union (EU), including Cyprus Investment Firms (CIFs). The main changes are summarized in the Appendix.

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