The Cyprus securities and Exchange Commission (cysec) issued a policy statement saying it would allow certain companies to continue operating under the temporary licensing system (TPR) until their relevant applications were reviewed.

According to cysec, as of February 2021, 96 companies had submitted applications to join TPR, of which 8 companies did not meet the requirements or voluntarily withdrew their applications. Other companies have obtained temporary permission to continue to provide services to cypress' professional customers and qualified counterparties before December 31, 2021, without the need to set up physical offices locally.

Some of the companies that have obtained temporary permits seek to continue their activities in Cyprus and have submitted applications to cysec.

 

 

Cysec said, "we review the applications received according to priority, which brings a series of challenges to the timely completion of the evaluation work. Considering the relatively cumbersome procedure of reviewing the application for establishing an entity, cysec decided to allow companies operating under TPR to continue to operate until the relevant applications are reviewed."

Cysec emphasized that TPR companies involved in the policy statement include:

● a company that attempts to continue to operate locally by establishing an entity in Cyprus, or by establishing a third country branch, a new Cyprus investment company (CIF), or by acquiring shares in existing CIF, but its application has not been fully evaluated;

● it will seek to continue its activities by establishing an entity in Cyprus by submitting relevant applications by December 31