CySEC Again Suspends ‘Fast Track’ CIF Authorization
- The scheme was suspended several times since its initial launch in November 2015.
The Cyprus Securities and Exchange Commission (CySEC) announced on Thursday that it has suspended the ‘fast track’ examination scheme that enables financial services companies to expedite their application process for the Cyprus Investment Firm (CIF) license.
The regulator initially launched the scheme in early November 2015, which involved paying a supplementary fee of €25,000 to ‘fast track’ the examination process. It speeds up the examination of the applications before the commission, and the deadline set in this accelerated procedure is reduced considerably when compared to those of the normal examination process.
The move turned out to be a massive success, and many brokers are opting to gain a regulatory license faster under the scheme.
The decision of the latest suspension was taken as the regulator was facing an ‘exceedingly large number of applications received for participation in the Scheme’.
Moreover, CySEC detailed that it will continue processing the applications it has already received under the scheme but will stop accepting any more applications.
“The Scheme will be launched again with the same procedures and time schedules that were set at the Commission’s Announcement dated November 2, 2015, at a future date that will be announced by the Commission,” CySEC added.
A Popular Scheme to Get License Faster
The Cypriot regulator suspended the ‘fast track’ examination scheme several times in the past but relaunched it every time. Though it did not reveal the number of CIF license applications received under the scheme, it was clearly not ready to handle such volume.
CySEC even said that the extra proceeds from the application process are used to finance overtime Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for its employees who examine the applications outside their normal working hours.
Cyprus is one of the preferred bases of the forex and CFDs brokers intending to enter the European markets to offer licensed trading services. Many macroeconomic events like Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term and the implementation of MiFID II rules have encouraged many brokers to approach the Cypriot regulator for licensing.
The Cyprus Securities and Exchange Commission (CySEC) announced on Thursday that it has suspended the ‘fast track’ examination scheme that enables financial services companies to expedite their application process for the Cyprus Investment Firm (CIF) license.
The regulator initially launched the scheme in early November 2015, which involved paying a supplementary fee of €25,000 to ‘fast track’ the examination process. It speeds up the examination of the applications before the commission, and the deadline set in this accelerated procedure is reduced considerably when compared to those of the normal examination process.
The move turned out to be a massive success, and many brokers are opting to gain a regulatory license faster under the scheme.
The decision of the latest suspension was taken as the regulator was facing an ‘exceedingly large number of applications received for participation in the Scheme’.
Moreover, CySEC detailed that it will continue processing the applications it has already received under the scheme but will stop accepting any more applications.
“The Scheme will be launched again with the same procedures and time schedules that were set at the Commission’s Announcement dated November 2, 2015, at a future date that will be announced by the Commission,” CySEC added.
A Popular Scheme to Get License Faster
The Cypriot regulator suspended the ‘fast track’ examination scheme several times in the past but relaunched it every time. Though it did not reveal the number of CIF license applications received under the scheme, it was clearly not ready to handle such volume.
CySEC even said that the extra proceeds from the application process are used to finance overtime Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for its employees who examine the applications outside their normal working hours.
Cyprus is one of the preferred bases of the forex and CFDs brokers intending to enter the European markets to offer licensed trading services. Many macroeconomic events like Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term and the implementation of MiFID II rules have encouraged many brokers to approach the Cypriot regulator for licensing.