CySEC Introduces a Brexit Information Hub to Facilitate A Smooth Post-Brexit Transition

​The Cyprus Securities and Exchange Commission (CySEC) announced that it has introduced a Brexit Information Hub on its website to facilitate a smooth post-Brexit transition.

The launch will assist the seamless navigation of Brexit related information and the compliance of interested parties with legal obligations following the transitional period of the UK's withdrawal from the EU.

The Brexit Information Hub is being launched in conjunction with the Temporary Permissions Regime ('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.

Last month, the regulator has decided to extend the deadline for the submission of notifications by UK firms who wish to make use of the Temporary Permission Regime from the previously decided December 31, 2020 to 28 February 2021.

“With the deadline for TPR notifications approaching on 28 February, the number of UK firms that have submitted a notification is encouraging, and reflects the strong interest among these companies for maintaining their operations in Cyprus for the delivery of investment services,”Demetra Kalogerou, Chair of CySEC said.” The launch of the Brexit Information Hub is aimed at offering guidance to those firms that wish to continue working in Cyprus and to allow UK firms that are currently reviewing their post-Brexit arrangements to gain a better understanding of the regulatory environment in Cyprus and in the EU in general.”

Three Sections Contained in Brexit Information Hub

The three sections contained in the Brexit Information Hub are: a comprehensive set of Q&As per regulated sector, all Brexit related announcements issued by CySEC and all Brexit related Circulars addressed to CySEC regulated firms.

The Q&As Document​ is published to provide clarity to market participants and UK firms in relation to the applicable rules post-Brexit. Firms must carefully review their activities and analyse the impact of Brexit on their operations.

Specifically, firms can be provided with general Q&As in relation to Brexit and the Trade and Cooperation Deal, Q&As in relation to markets and investment services, Q&As in relation to CySEC's Temporary Permission Regime, Q&As in relation to Fund Management, Q&As in relation to issuers of financial instruments and Q&As in relation to prudential supervision.