In November 2015 the Cyprus Securities and Exchange Commission ("CySEC") introduced a "fast-track" procedure in order to expedite the examination and determination of pending applications for authorisation, which involved paying a supplementary fee that would be used to finance overtime payments to employees of CySEC who would examine the applications outside their normal working hours, with a view to determining "fast-tracked" applications within eight weeks. Applications from entities not wishing to participate in the scheme would continue to be processed as normal.
CySEC has now announced that, due to the large number of applications it received for participation, the "fast-track" scheme will be closed to new applications until 1 April 2016. Applications within the scheme will continue to be processed as before.
When the scheme reopens on 1 April 2016 the procedures and timescales will be unaltered, but fees will be substantially higher, as follows:
|
Alternative Investment Funds |
€4,000 |
|
AIFs with Limited Number of Persons |
€3,500 |
|
Alternative Investment Fund Managers |
€6,000 |
|
Internally managed UCITS |
€5,000 |
|
Investment firms |
€5,000 |
|
UCITS |
€4,000 |
|
UCITS Management Companies |
€6,000 |
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.