CySec has issued a Consultation Paper regarding requirements for the safeguarding of clients’ funds 

CySEC

The Cyprus Securities and Exchange Commission (CySec), in the context of establishing effective arrangements and procedures for consultation with market participants, has issued a Consultation Paper regarding a proposed circular on the requirements for the safeguarding of clients’ funds.

With this Consultation Paper, CySec wishes to draw the attention of the Cyprus Investment Firms (CIFs) on their obligations with regards to safeguarding of clients’ funds and to clarify matters, in the context of establishing adequate arrangements to safeguard clients’ rights.

The CySec’s Consultation Paper refers to:

Α. Regulatory framework

B. Requirement for holding separate clients’ accounts

C. Transferring clients’ funds to another person, other than those mentioned in section 20(1) of Directive

D. Other administrative procedures

E. Reconciliation of clients’ funds

F. Reporting obligations to CySec

G. Entry into force

The CySec invites you to submit your comments/suggestions, in word format, by Friday 18 November 2016, to the electronic address supervision@cysec.gov.cy only.

To read the Consultation Paper in Full as it was released by CySec, please click HERE

Source: CySec – Consultation Paper of the Cyprus Securities and Exchange Commission regarding a proposed circular on the requirements for the safeguarding of clients’ funds

 

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