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The Cyprus Securities and Exchange Commission
("CySEC") has circulated a further draft of the
Regulation of Fiduciaries, Administration Businesses and Company
Directors Law for comment by interested parties. The first draft
was issued for consultation in 2006 by the Central Bank of Cyprus
and a number of amendments have been made in the intervening period
in order to arrive at an effective law meeting the needs of
stakeholders. In addition, responsibility for the law and for
regulation of fiduciary service providers has passed from the
Central Bank of Cyprus to CySEC.
The latest draft law excludes registered legal firms, auditors
and banks from its scope unless they opt to be regulated under it.
This change is in response to representations from such
organisations that they are already subject to their own rigorous
regulatory arrangements and that a further layer of regulation
would be unnecessary and burdensome. The application process has
been simplified and the application fee set at €2,000.
CySEC may request further information on an applicant if it
considers it appropriate. The main regulatory focus will be the
prevention of money laundering. CySEC will not publish
authorisations but will maintain a register of approved service
providers.
The consultation period ended on 1 February 2011 and it is hoped
that the current draft will be enacted and come into force in the
next few months.
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