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 suspend the examination of applications for authorization, due to the extremely high numbers of applications received for participation in the scheme.
It seems 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. Therefore new requests have now been suspended temporarily until the beginning of next year. At this time, the same procedures for application and time schedules that were set two years ago will remain valid but with new application fees applicable.
Speaking of applications previously made, CySEC said that they will be processed accordingly, however further applications will not be accepted.
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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 the serious applicants to obtain its license through the fast-track scheme.
Meanwhile, it was also clarified that CySEC will launch the scheme again on January 2nd, 2017. On a final note, the Cypriot watchdog said that the only difference will be that from next year on, a flat fee of €25,000 will apply for applicants wishing to participate in the fast-track scheme.
Back in early November 2015, CySEC initially announced the implementation of the scheme, which was intended to speed up the examination of the applications before the commission and to sate the relevant entities’ eagerness to get their authorization. The deadlines set in this accelerated procedure were reduced considerably when compared to those of the normal examination process, thus providing a swift method for interested entities to obtain their license.