x

Economy

After Brexit, UK Investment Firms Get One More Year on Cyprus

December 24, 2020

NICOSIA – With the United Kingdom on the verge of leaving the European Union at the end of the year – negotiations linger – Cyprus will let some investment firms from there keep operating on the island through 2021.

The Cyprus Securities and Exchange Commission (CySEC) gave temporary permission while noting they would have to create a branch on the island to keep doing business or trade with other EU countries, said The Cyprus Mail.

CySEC noted there’s no deal yet in place about the cross-border provision of services after the so-called Brexit which means the UK will be considered a third country outside the 27-member state bloc.

There are now 52 UK firms providing services to Cyprus Investment Firms (“CIFs”) acting as their Liquidity Providers or otherwise and in total 86 CIFs have trading arrangements with UK firms, according to a statement.

“Where such contracts were established on a solicited basis, and not as a result of reverse solicitation” (meaning that an investor, who has not had any previous contact with an investment manager contacts that investment manager in respect of a potential investment in a fund), “they will need to be terminated in the case of a UK withdrawal from the EU, without an agreement on the cross-border provision of investment services,” it added.

CySEC said there was concern, however, about the continued functioning of the market, especially if there is an abrupt termination of a contract although Brexit has been a couple of years in the making.

“CySEC has established a Temporary Permission Regime without physical presence for UK firms providing investment services solely to professional clients and eligible counterparties, in order to allow for the smooth transition to new contracts on a reverse solicitation basis and for UK firms who wish to continue soliciting Cypriot professional clients and eligible counterparties to establish a physical presence in the Republic,” the agency said.

RELATED

NICOSIA - With countries reaching out more to the ultra-wealthy for higher-class tourism, Cyprus is making its bid with the 300-million euro ($315 million) Aya Napa Marina that offers world-class facilities for yachts.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Mission…to Alonnisos, a TNH Documentary

O oceanic you sing and sail White on your body and yellow on your chimeneas For you're tired of the filthy waters of the harbors You who loved the distant Sporades You who lifted the tallest flags You who sail clear through the most dangerous caves Hail to you who let yourself be charmed by the sirens Hail to you for never having been afraid of the Symplegades (Andreas Empeirikos)   What traveler has not been fascinated by the Greek islands, drawn by the Sirens’ song of a traveler’s dreams? TNH and our video show ‘Mission’ marked the change of the season by transporting viewers into the heart of summer.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.