Friday February 3 2017

News Source: Global Exchanges

Focus: Brokers

Type: General




On 2nd February 2017, the Cyprus Securities and Exchange Commission (CySEC) published a circular providing a set of standards to assist the Cyprus Investment Firms (CIFs) in meeting their obligations to act in the best interest of their clients. This circular establishes standards for the assessment of knowledge and competence for staff who are involved in the provision of information to clients regarding investment and ancillary services and financial instruments that a CIF offers.

The relevant regulatory requirements are those stated below:
i. Articles 18(2) and 36 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’).

ii. Paragraph 44 and Part V of Directive DI144-2007-01 of 2012 of the CySEC (‘the Directive’).

iii. Part III of Directive DI144-2007-02 of 2012.

Further to ESMA’s publication of the paper ESMA/2015/1886 – Guidelines for the assessment of knowledge and competence on 17 December 2015 and in preparation for its entry into force on 3 January 2018, CySEC encourages CIFs to take measures to apply the Guidelines at the soonest possible opportunity.

Click on the link above for further details.