The Securities and Exchange Commission said on Thursday, April 29, that a total of 88 UK firms have received temporary permits to provide investment services in Cyprus under the Temporary Permits Regime (TPR).
As you may know, the TPR introduced after Brexit does not require the physical presence of British companies in Cyprus when providing investment services (including investment activities) exclusively to professional clients and eligible counterparties based in Cyprus.
Due to the significant number of notifications, some of which were sent after December 31, 2020, and due some practical difficulties which the companies met, CySEC has extended the filing deadline for UK firms wishing to use TPR to February 28, 2021.
In total, CySEC received 96 applications from UK companies, seven of which were found ineligible based on TPR eligibility criteria and one was withdrawn.
UK companies that have granted temporary permission to provide investment services to professional clients staying in Cyprus prior to December 31st are listed in a special register of temporary permits available on the Cysec website.