CySEC’s Temporary Permissions Regime For UK Firms Extended

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CySEC is extending extending the application period for the Temporary Permissions Regime (TPR) it recently integrated for all United Kingdom companies who wish to apply.
CySEC created that regime specifically to aid the operations of the British financial markets in the post-Brexit period. The TPR allows United Kingdom brokers to provide investment services in Cyprus without having to physically present in the country. That said, according to a new ruling, UK firms can only provide investment services to professional clients that live in Cyprus.
To quote CySEC: “The TPR aims at facilitating a smooth transition to new contracts post-Brexit, concluded 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 period was extended to December 31st, 2021.
Source
Considering the havoc Brexit has wreaked on UK markets, that move was likely quite necessary.


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