Cyprus grants 88 UK firms to provide investment services

A total of 88 UK firms have been granted temporary permission to provide investment services in Cyprus, under the Temporary Permissions Regime (TPR), the Securities and Exchange Commission said.

The TPR, launched following Brexit, does not require a physical presence in Cyprus for UK firms when providing investment services (including investment activities) solely to professional clients and eligible counterparties based in Cyprus.

Due to a significant number of notifications, several of which were submitted after 31 December 2020 and considering the practical difficulties, CySEC extended the deadline for submitting notifications by UK firms who wish to make use of the TPR up until 28 February 2021.

CySEC received 96 applications by UK firms, seven of which were deemed as inadmissible based on the TPR eligibility criteria, and one was withdrawn.

The UK entities granted a Temporary Permission to provide investment services to professional clients based in Cyprus until 31 December are listed in a dedicated Temporary Permission Register available at Cysec’s website.