The Cyprus Securities and Exchange Commission (CySEC) has implemented a new Web Portal that serves as a digital depository for its regulated entities and groups. The new portal serves as a holding for important forms, letters and signed documents to the commission, helping mitigate the storage costs incurred by physical documentation, per a CySEC statement.
The new CySEC portal will also help streamline overall bureaucratic processes at the regulator, which presently relies on the handling, storage, and security of sensitive documentation. By going digital, CySEC will be able to properly ensure adequate levels of oversight, whilst also allowing for safety of its overall communications and correspondence.
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It is worth noting that the new portal will not outwardly replace the existing TRS system functionality, rather it will serve as a supplement to CySEC’s internal structure. As such, firms can still submit their documentation and forms via the TRS system, as outlined in circulars. The present distinction between its new portal and the TRS does not preclude a future integration between the two systems – ultimately both will be assimilated into one format for ease of use by regulated entities.