CySEC Extends Deadline for Submission of Notifications under Temporary Permission Regime

​The Cyprus Securities and Exchange Commission (CySEC) announced that it has decided to extend the deadline for the submission of notifications by UK firms who wish to make use of the Temporary Permission Regime (TPR) up until 28 February 2021, from the previously decided December 31, 2020.

On 22 December 2020, the authority announced the establishment of TPR, which does not require physical presence in Cyprus for UK firms when providing investment services solely to professional clients and eligible counterparties, based in Cyprus, allowing for a smooth transition to new contracts post-Brexit.

CySEC has received a significant number of notifications (more than 70) up until the date of issue of this Press Release, several of which were submitted after 31 December 2020.

Recognizing that there are indeed justifiable reasons for the extension of the said deadline, CySEC has decided to extend the deadline and amend the CySEC Directive DI 87-04 and Policy Statement PS-02-2020 accordingly.

UK firms operating under the TPR, may continue to provide their services without the establishment of physical presence up until 31 December 2021, where the TPR expires, according to the regulator.