CySEC revises Significant CIF criteria

<img width="562" height="338" src="https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="CySEC regulation" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation.jpg 880w, https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation-730×438.jpg 730w, https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2021/04/CySEC-regulation-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>All Cypriot financial services companies that meet the new criteria of Significant CIFs need to remuneration committee and a risk committee. These committees should be composed of members of the board of directors who do not perform any executive function in the CIF concerned.</p>
<p>The companies are also required to submit their new organisational structure with the <a target="_blank" href="https://www.leaprate.com/forex/regulations/cysec-to-allow-uk-firms-looking-to-establish-presence-in-europe-to-operate-after-tpr-deadline/" rel="noopener">CySEC</a>.</p>
<p>The previous circular on Significant CIFs from 2017 defined such companies as having total annual assets of €43 million or commission income of €50 million or holding client money of over €35 million or client assets of €750 million.</p>
<p>Earlier this month, the Cypriot regulator announced enhancing its regulatory capability <a target="_blank" href="https://www.leaprate.com/forex/regulations/cysec-enhances-regulatory-capability-through-new-technologies/" rel="noopener">through new technologies </a></p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/regulations/cysec-revises-significant-cif-criteria/">CySEC revises Significant CIF criteria</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>