Don't forget that, for a solid financial company, Cyprus offers wonderful conditions for businesses to establish on the island, so, losing the CIF license it's a very bad thing.
In Cyprus, the corporate tax rate is one of the lowest in the European Union together with Ireland and Malta. Also, in Cyprus, dividends, securities, capital gains (in some cases) are totally tax-free, and there is no withholding tax.
CySEC (Cyprus Securities and Exchange Commission) is one of the most acclaimed regulatory entity in the world for market regulation.
Who Is Felicitas Management Investment Services
Felicitas Management Investment Services Ltd trading is a Cyprus based firm specialising in investment advice within the European Union.
On its website, the company says:
"We believe in developing a long term working relationship with our clients, drawing on our expertise bringing together a complementary set of qualifications and knowledge necessary to navigate the global markets".
But the question that all clients are asking now is what will happen to the company , because they have lost the license with CySEC.
The CySEC regulatory decision is in accordance with sections 76(1)(c) and 8(1)(c) of the Investment Services and Activities and Regula ted Markets Law of 2017 (‘the Law’).
These sections reflects the company’s non-compliance with section 22(1) of the Law, as it failed to comply with the conditions of Chapter I for the granting of an operating license and specifically in sections 9(16) (board of directors) and 10(1)(a) (governance regulations) of the Law.
CySEC Is Always Watching
The operation of the CySEC is governed by the Laws regulating the Structure, Responsibilities, Powers, Organization of the Cyprus Securities and Exchange Commission and Other Related Matters (N73(I)/1009).
Don't forget if you are unhappy with a financial product or service provided to you by a Cyprus Investment Firm (a ‘CIF’), follow the three steps for making a complaint.
Step 1: Contact the CIF directly
Step 2: Contact the Financial Ombudsman
Step 3: Take the matter to court
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