How will Brexit impact CySEC regulated brokers? CySEC requests CIFs assessments

The Cypriot financial regulator is eager to know how Brexit impact CySEC regulated brokers. Therefore, CySEC has urged a prospective assessments from the CIFs upon any Brexit implications. Is the submission compulsory? If yes, when is the deadline?

12 April, AtoZForex  The Cyprus Securities and Exchange Commission (CySEC) is always finding new ways to improve the financial markets. As the Brexit negotiations are already on the table, the regulator thinks one step ahead and has taken precautions. Today, CySEC issued a circular requesting the CIFs to report any prospective business impacts the Brexit will have.

The circular addressing the Cyprus Investment Firms (CIFs) has been sent out by the CySEC Chair Demetra Kalogerou. This follows the previous three circulars regarding the similar matter.

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How will Brexit impact CySEC regulated brokers?

According to the CySEC circular, the firms need to assess the possible impact of the Great Britain leaving the European Union. The financial regulator urges the Cyprus Investment Firms (CIFs) to report the likely implications on their business activities and services due to Brexit. Therefore, the regulator advises the companies that fall under its regulation to explore their business model structure, services, and activities. The CySEC advises the CIFs to do so in order to consider and analyze the prospective Brexit impact CySEC regulated brokers will have. Read below the CySEC Circular No. C201.

cysec brexit impact

Moreover, a large number of companies that fall under CySEC jurisdiction offer their services in the UK. These companies that depend heavily on the UK market could have material impact post-Brexit world. Therefore, the Cypriot regulator also asks the CIFs to submit any proposals for adopting immediate measures to eliminate their respective impact.

When is the Deadline for the Brexit assessment submissions?

CySEC has requested the CIFs to submit their likely Brexit impacts and respective counteractive measures via the regulator’s web portal. Moreover, these submissions need to reach CySEC as a free text by the end of business of April 28, 2017, as per the circular. Also, the title of the documents should be: “C201 - The impact of the UK’s exit from the EU on the activities and services of Cyprus Investment Firms.”

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