CYPRUS: Cysec Amends the Investment Services and Regulated Markets Law

Tuesday December 19 2017

On 18^th December 2017, Cyprus Securities and Exchange Commission (Cysec) amended the Investment Services and Activities and Regulated Markets Law. The amendments where made in order to ensure that the law is compliant with the incoming MIFID II Regulation which takes effect on the 19^th December 2017.

The new legislative framework for the provision of investment services, will replace the Investment Services and Activities and Regulated Markets Law (L. 144(I)/2007), shall enter into force.

The new legislative framework, consists of:

a) The Investment Services and Activities and Regulated Markets Law of 2017 (L. 87 (Ι)/2017) (the “Law”), which has transposed Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (the “MiFID II Directive”) into national law,

b) The Regulation (EU) No. 600/2014 on markets in financial instruments (the “MiFIR Regulation”), and

c) All Delegated and Implementing acts that have been adopted pursuant to the MiFID II Directive and the MiFIR Regulation, as well as the Guidelines, Opinions and Q&As issued by the European Securities and Markets Authority (“ESMA”)

In anticipation of MIFID II the Cyprus Securities and Exchange Commission (“CySEC”) wishes to inform interested parties of its intention to issue Directives in relation to:

1. The Fees and Payable Charges that fall within the scope of the Law (“CySEC Directive DI87-02”), and

2. The provision of services by third country firms to eligible counterparties and professional clients that do not fall within the scope of the MiFIR Regulation (“CySEC Directive DI87-03”).

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