CySec’s first rejection of an Administrative Services Provider authorisation 

The Cyprus Securities and Exchange Commission (CySec) announces that, at the meeting held on 28th March 2016, decided to recall its decision dated 13th July 2015 to grant an authorisation for providing Administrative Services (‘ASP’) to Opus Trust Management Ltd (‘the Company’), as the Company, in spite of the given deadlines, had not satisfied all the conditions imposed by CySEC for the granting of the authorization.

It is noted that the Company was providing administrative services before the entry into force of the Law Regulating Companies Providing Administrative Services and Related Matters of 2012 (‘the Law’), i.e. prior to 21.12.2012. In order to continue providing administrative services, the Company filed an application with CySEC for the granting of an ASP authorisation, which was approved subject to conditions.

Following its decision to recall, CySEC, at its meeting held on 28th March 2016, decided to reject the Company’s application for the granting of an authorisation for providing Administrative Services, in accordance with sections 10(6) and 12(4) of the Law, as it was not satisfied that the Company complies with all the conditions of the Law.

Because of CySEC’s rejection of the Company’s application for the granting of an ASP authorisation, the Company will not be registered on the Register and, according to section 11(4) of the Law, it should:

1. within the next six (6) months, cease to provide administrative services, and

2. at the expiration of the six (6) months period, settle its obligations resulting from providing the said services towards third parties.

Attention is drawn to the fact that the Company is not subject to CySEC’s supervision.

Source: CySec – Decision 06-16-2016 ASP authorisation of Opus Trust Management Ltd

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