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The Cyprus Securities and Exchange Commission (CySEC) said on Tuesday it has decided to temporarily suspend its Fast Track examination of applications for authorization. The Cypriot financial watchdog will temporarily stop accepting new applications for authorization. However, it will still process the ones it has already received.
Authorization of applications of entities that do not participate in the Fast Track scheme will be examined as usual.
Entities can apply under the Fast Track scheme again as of 1 April, 2016. The application procedure will remain unchanged, but new fees will be applied with the relaunch of the scheme.
The decision was adopted by the CySEC board on 25 January, 2016, and was required due to the large number of applications the regulator has been receiving.
Details about the CySEC’s new application fees under the Fast Track authorization scheme follow:
The CySEC introduced the Fast Track application examination scheme in November 2015 in order to speed up the examination process. At the time, the examination fee investment firms had to pay was set at €1,500, which is significantly lower compared to the new fee of €5,000.
All other fees have also been increased – prior to the change, fees for UCITS management companies and alternative investment fund managers were €1,700, while internally managed UCITS were required to pay a fee of €1,700, plus €240 for each additional investment compartment. Meanwhile, UCITS/AIFs paid fees of €1,100, plus €240 for each additional investment compartment, and AIFs with limited number of persons paid €800, plus €180 for each additional investment compartment.
The CySEC is the financial regulatory body in Cyprus and as such it has licensed more than 200 Cyprus Investment Firms (CIFs). Investment service providers are not allowed to operate in the country without holding a license by the CySEC or the relevant authorities in any other EU member state.
The CySEC’s managing board consists of five members, each one of which serves a term of five years.