CySEC Announces Suspension of ‘Fast Track’ Examination Scheme

​The Cyprus Securities and Exchange Commission (CySEC) announced that it has decided to suspend the ‘fast track’ examination scheme for the assessment of applications.

Wanna Know How to Reach Our Audience of Millions at Fazzaco?​

Initially launched in early November 2015, the scheme enables financial services companies to expedite their application process for the Cyprus Investment Firm (CIF) license. The deadline set in this accelerated procedure is reduced considerably when compared to those of the normal examination process.

Let’s note that (when the scheme applied) an applicant had to pay an additional fee for the application, part of which was received by the officer of CySEC that examined the application as overtime since these applications were examined during non-working hours. The ‘fast- track’ examination fee was €25,000 for any type of application.

According to the commission, it has reached the decision due to the exceedingly large number of applications received for participation in the scheme. As a result, it will process the applications received to this day for participation in the Scheme, but it will not accept any more applications.

“The Scheme will be launched again with the same procedures and time schedules that were set at the Commission’s Announcement dated November 2, 2015, at a future date that will be announced by the Commission,”the agency added.