A total of 88 UK firms have been granted temporary permission to provide investment services in Cyprus, under the Temporary Permissions Regime (TPR), Cyprus Exchange and Security Commission said on Tuesday.
The TPR, launched following Brexit, does not require physical presence in Cyprus for UK firms when providing investment services (including when performing investment activities) solely to professional clients and eligible counterparties, based in Cyprus.
Due to a significant number of notifications, several of which were submitted after 31 December 2020 and taking into consideration the practical difficulties raised by interested parties, CySEC decided to extend the deadline for the submission of notifications by UK firms who wish to make use of the TPR up until 28 February 2021.
CySEC said it has received ninety-six (96) applications by UK firms, seven of which were deemed as inadmissible based on the TPR eligibility criteria and one was withdrawn.
The UK entities granted a Temporary Permission to provide investment services to professional clients and eligible counterparties, based in Cyprus up until 31 December 2021 have been listed in a dedicated Temporary Permission Register available at Cysec’s website.