CySEC issued an announcement recently, according to which all Cypriot Investment Firms (CIFs) are obligated to provide passporting activity details for the whole 2019 period.
All CIFs will have to find their stored information on cross border activity starting from 1st January 2019 to 31st December 2019. The deadline to do so is 19th October this year and CySEC stressed that the deadline period will not be extended under any circumstances.
The FPISA-CIF form (Freedom to Provide Investment Services and Activities) calls for CIFs to give away details on the European Economic Area (EEA) nations where CIFs provide their services. What is more, they have to specify whether they have more or less than 300 clients in those countries.
The reason behind CySEC’s requirement has been speculated to be Brexit.
CySEC had months to require this, why do it at the last possible moment, I wonder.
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