The Cyprus Securities and Exchange Commission (CySEC) has issued a consultation paper proposing amendments to the fees payable by entities operating under the Investments Services and Activities and Regulated Markets Law L.87 (I)/2017.
In addition, CySEC has issued a second Consultation Paper, proposing fees and charges under Regulation EU 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPS).
The proposed amendments in the first consultation paper introduce changes to the methodology for calculating annual fees applicable to Investment Firms, Market Operators and branches established in the Republic by Investment Firms from other Member States and from third countries. They also include amendments relating to post-authorisation notifications. In this context, proposals are introduced for new types of information that must be disclosed, while notification obligations that are no longer applicable are removed.
The second consultation paper concerning entities supervised by CySEC that fall within the scope of Regulation EU 1286/2014, introduces annual fees and charges to be paid by PRIIPs manufacturers and by persons providing investment advice on PRIIPs or selling PRIIPs.
The revision of these fees forms part of a comprehensive review of all CySEC fees and charges, aiming at better aligning them with the nature, scale, and complexity of the activities of supervised entities, as well as reducing CySEC’s reliance on public resources and strengthening its financial autonomy.
