The Cyprus Securities and Exchange Commission (CySEC) today released a new update regarding its ‘fast track’ examination scheme. The regulator said in a recent statement that it has decided to relaunch the program which helps expedite the determination of applications for authorisation of entities it regulates.
The procedure involves paying a supplementary fee of €25,000 which CySEC says is used to finance overtime payments to its employees who examine the applications outside their normal working hours.
It seems that the initiative was very successful but CySEC was not ready for the huge rush, so it couldn’t cope with the volume of work in the time allotted and requests have been suspended several times before. The scheme was also suspended ahead of the MiFID II implementation as the new regulations prompted CySEC and other national regulators to reassess some procedures.
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Despite toughening up its stance towards forex, binary options and other trading providers, as well as recently putting very strict rules in place regarding all financial activity, the mass appeal of being regulated by CySEC is not lessening at all, but growing instead.
As such, the regulator seems decided on capitalizing its appeal in the broader financial services sector through imposing higher fees, or perhaps it aims to encourage only serious applicants to obtain their licenses through the fast-track scheme.
CySEC initially announced the implementation of the scheme back in early November 2015. It speeds up the examination of the applications before the commission and sates the eagerness of the relevant entities to get their authorization. The deadlines set in this accelerated procedure are reduced considerably when compared to those of the normal examination process.