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CySEC has issued a Policy Statement and a Press Release relating to its decision to further amend Directive 87-04 for the provision of services by third country firms in the Republic of Cyprus to eligible counterparties and professional clients.

The amendments to the updated Directive, i.e. Directive 87-04 (C), are targeted to the Temporary Permission Regime (TPR) UK Entities, including TPR entities belonging to TPR Groups, by introducing a grandfathering period in order for these entities to be able to provide any investment services and/or perform investment activities to professional clients and eligible counterparties after the deadline of 31 December 2021.

The grandfathering period shall be up until the completion of the evaluation of the applications by these entities to CySEC until the end of December 2021. In case of the successful assessment of application, a period of additional six months is granted for the entities to be up and running smoothly.

It is noted that the TPR entities that will be eligible to continue operating under the TPR after 31 December 2021, will be listed on CySEC’s website. The rest of the TPR entities must cease their actively solicited operations by 1 January 2022.

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