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Additional requirements for Cyprus Investment Firms by Cysec

Michalaki, Pitsillidou Law Firm > English Articles  > Additional requirements for Cyprus Investment Firms by Cysec

Additional requirements for Cyprus Investment Firms by Cysec

Cyprus real estate lawyers

Additional requirements for Cyprus Investment Firms by Cysec

According to Cysec instructions published on the 2nd of September 2015, CIFs must notify all the addresses of their websites, through which they provide investment services, to CySEC.

According to the Investment Services and Activities and Regulated Markets Law of 2007, CIF is required to state on its documents/ publications/ announcements the following:

  • The number of its authorization, and the fact that it is supervised by the Cysec.
  • A CIF has to have a website, the address of which it shall notify to the Commission, and where the number and content of its authorization is entered, and the fact that it is supervised by the Commission.

Furthermore, when there are changes in CIF information and details in conditions for granting a CIF authorization then, it shall immediately be notified to Cysec.

During their operation, CIFs must ensure that they operate only through the websites addresses notified to the CySEC and posted on their website.

A CIF must, when providing investment services to clients, act honestly, fairly and professionally in accordance with the best interests of its clients and comply, in particular, with the following principles:

  • All information, including marketing communications, addressed by a CIF to its clients or potential clients shall be fair, clear and not misleading and marketing communications must be clear
  • a CIF must provide to its clients or potential clients appropriate information in a comprehensible form about
  1. The CIF and its services
  2. Financial instruments and proposed investment strategies – this should include appropriate guidance and warnings of the risks associated with investments in those instruments or in respect of particular investment strategies
  3. execution venues
  4. costs and associated charges

By providing the above clients will be able to understand the nature and risks of the investment service and of the specific type of financial instrument that are being offered and, consequently, to take investment decisions on an informed basis. This information may be provided in a standardized format.

CIFs are required to establish and implement measures so that the visitors of their website are informed of their name so as there should be no misrepresentation on that, when establishing a business relationship. Such measures may be:

  • The posting of a prominent statement (in a prominent place with marked letters) on the home page of their website that this website is under the operation of the CIF.
  •  Informing visitors of the CIF’s name through a pop-up message.

For more information and guidance get in touch with our lawyers or email iMPK Global Business Law Firm – Cyprus Lawyers, at info@impklawyers.com .Tel. +357 99345000 – Fax +357 25 660097

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