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CySEC Introduces Temporary Permissions Regime To Facilitate PostBrexit Transition For Cyprus Investment Firms
December 28, 2020
The Cyprus Securities and Exchange Commission (‘CySEC’) has established a Temporary Permissions Regime (‘TPR’) which does not require physical presence in Cyprus for UK firms when providing investment services (including when performing investment activities) solely to professional clients and eligible counterparties, based in Cyprus.
This is in order to allow for a smooth transition to new contracts post-Brexit, concluded on a reverse solicitation basis and for UK firms who wish to continue soliciting Cypriot professional clients and eligible counterparties to establish a physical presence in the Republic.