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There is no
doubt the regulation of financial advisers in Cyprus has
become more stringent over the past few years. Much of this
has been due to Cyprus joining the EU, and meeting the high
standards set by the Mifid Directive.
Historically many Financial Adviser firms have been
regulated by the Central Bank of Cyprus. However from the
1st of November 2007 the Central Bank of Cyprus stopped
having any further responsibility for the regulation of
financial advisers. To be a financial adviser in Cyprus a
permit must now be obtained from either the Cyprus
Securities and Exchange Commission or from the
Superintendent of Insurance.
The
extract below is from the Central Bank of Cyprus' website,
and shows the impact of the rule changes.
"As from
1st November, 2007, the Central Bank of Cyprus ceased to be
the regulatory authority for the following financial
services companies (investment advisors).
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Amesty Ltd
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Aquila Financial Services Company
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Ati
Associates (Cyprus) Ltd
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Barbican Financial Services Ltd
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Caratfin Limited
-
Constant Financial Services (Overseas) Ltd
-
Davenport Chadwick & Co Ltd
-
Devere & Partners Ltd
-
Elite Financial Services Ltd
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F.A.A. Ltd
-
Fcp
Financial Management Ltd
-
Foncera Trading Ltd
-
Fraser Mckinlay (Middle East) Ltd
-
Geoffrey Birch Financial Services Ltd
-
Gerihall Ventures Ltd
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Inter-Alliance International Financial Services Ltd
-
Mallard Financial Management (Cyprus) Ltd
-
Minden Ltd
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Mosaic Financial Solutions Ltd
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Nikkimat Ltd
-
Orion Financial Services Limited
-
Pennone & Partners
-
Rmn
(Cyprus) Ltd
-
Sumner Holdings Ltd
-
U.K. Expatriate Consultancy Services (Cyprus) Ltd
-
Zammit Financial Management Group Ltd"
It is
likely than many such firms will be unable to meet the more
stringent standards, and capital adequacy requirements of
life under the new regime. However CLR has always been,
and continues to be regulated by The Cyprus Securities
and Exchange Commission.
To find out
more call us on +357 22 898684 or
contact
us online. Your call is totally confidential.
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