Chesterfield (London) 
207 Old Marylebone Road
Tel: +44 (0) 203 771 3853
Fax: +44 (0) 203 771 3856

Cyprus regulates fiduciary business

Further to the Cyprus Securities and Exchange Commission Law of 2009 an announcement was made on the 9 January 2013 advising that all companies wishing to provide fiduciary services in Cyprus must provide notification by the 21st February 2013 and will become regulated under the CySEC (Cyprus Securities and Exchange Commission).

Companies that do not provide this notification may continue to provide fiduciary services for a period of six months following entry into force of this law and then cannot continue to provide fiduciary services in Cyprus.

Chesterfield which has had a vibrant and expanding base in Cyprus for over ten years welcomes this supervision which can only add to the reputation of Cyprus in a positive way. Existing clients of Chesterfield will not be affected by these new regulations when they come into effect as we have had compliance and systems in place for some time now, which operate well within the new requirements. 

CySEC are the regulatory agency of the Republic of Cyprus and have been a part of European regulation since Cyprus became a member of the European Union in 2004. Cyprus’s strong regulatory regime and reputation within Europe is one of the major reasons for its popularity for company registration giving firms access to all European markets and so this new announcement only serves to strengthen Cyprus as a popular choice forincorporating a Cyprus Offshore Company.

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