Andreas Andreou Vice Chairman Cyprus Securities and Exchange Commission 1 Copyrights Cyprus Securities and Exchange Commission, October 2012.

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Presentation transcript:

Andreas Andreou Vice Chairman Cyprus Securities and Exchange Commission 1 Copyrights Cyprus Securities and Exchange Commission, October 2012

Comprehensive & modern legislation Enhance protection Upgrade Cypriot professional services sector Promote Cyprus reputation Solid framework of operation 2 Copyrights Cyprus Securities and Exchange Commission, October 2012

Reporting requirements Professionalism, skill, integrity Protection of confidential information Prevention of Money Laundering 3 Copyrights Cyprus Securities and Exchange Commission, October 2012

Administration of Trusts Nominee shareholding Custody Registered office Secretarial Services Asset protection Directorships Trusts Management Administration of bank accounts Etc… 4 Copyrights Cyprus Securities and Exchange Commission, October 2012

5 Advocates Auditors Entities controlled/majority interest of locally registered advocates, banks, CIFs or cooperative credit societies Directors in listed or family owned companies Copyrights Cyprus Securities and Exchange Commission, October 2012

6 License and registration regime CySEC Supervision Lawyers - Cyprus Bar Association Accountants - Institute of Certified Public Accountants Copyrights Cyprus Securities and Exchange Commission, October 2012

7 Expertise, academic & professional qualifications Approval of future appointments Internal or external legal advisor Compliance officer Copyrights Cyprus Securities and Exchange Commission, October 2012

8 Relevant questionnaires & confirmation Full, correct and true information Clean criminal record & non-bankruptcy Memorandum, Articles of Association, certificates by the Registrar of Companies Application fee Copyrights Cyprus Securities and Exchange Commission, October 2012

9 An active entity or individual will be considered licensed Current providers New providers Inspections Copyrights Cyprus Securities and Exchange Commission, October 2012

10 CySEC Registry Additional services Notification of changes Copyrights Cyprus Securities and Exchange Commission, October 2012

11 Breach of the Law or AML License obtained under false pretenses Clients interests are not served Removal of licensee from registry Copyrights Cyprus Securities and Exchange Commission, October 2012

12 Third parties Licensees responsibility CySEC supervision must remain unrestricted Records & accounts Copyrights Cyprus Securities and Exchange Commission, October 2012

13 Audited financial statements Compliance with the Law, Directives and AML Correct, full and precise information CySEC public & updated registry Copyrights Cyprus Securities and Exchange Commission, October 2012

14 Breach of sections 5 or 24 of the Law Prison sentence or fine or both Administrative sanctions Compensation Imposed on Licensee Directors and Management Copyrights Cyprus Securities and Exchange Commission, October 2012

15 Thank you! Cyprus Securities and Exchange Commission Copyrights Cyprus Securities and Exchange Commission, October 2012