Cyprus Investment Firms (CIFs)

Cyprus adopted the new EU wide Markets in Financial Instruments Directive (MiFID) legislation into Cyprus Law with the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007). Companies that are not classified as banks but wish to offer investment services can now apply for a license to the Cyprus Securities and Exchange Commission (CySEC), which is the appointed regulating and supervising authority under this Law. Similarly, banks can apply for a license to the Central Bank of Cyprus which is the corresponding authority.

With Cyprus being a member of the EU and the MiFID legislation, a CIF licensed in Cyprus is able to offer its services to any EU country, simply by passporting its Cyprus license. This eliminates the need to issue additional license(s) hence additional costs and burden. Investment services as defined in the law are divided into Investment and Ancillary services. Each CIF must offer at least one investment service (i.e. apply for a minimum of one license) and it may offer one or more ancillary services.

How can we assist?

Formation of CIF

• Introducing Companies and preparing application to Cyprus Securities and Exchange Commission (CySEC)
• Preparation of MiFID compliance Internal procedure manual (Operational Manual), business plan and consulting you on a continuous basis towards the granting of a CIF authorisation
• Provision of Internal Audit
• Provision of Compliance Consulting
• Consulting on Capital Adequacy Reports based on the Common Reporting of Committee of European Banking Supervisors (CEBS)

Business Consulting

• Setting up Online payments (e-wallets, credit cards etc)
• Preparation of e-money applications
• Project Management Research
• Business Plans
• Feasibility Studies
• Company Restructuring
• Investment Appraisals
• Costing and Cash Flow Projections
• Internal Control Evaluations
• Assessing Human Resources requirements and assisting on staff placement and training