The Cyprus Securities and Exchange Commission (CySEC) today announced that, at its meeting held on January 25, 2016, it decided to temporarily suspend the ‘fast track’ examination scheme that was launched to help investment firms get their Cypriot authorization faster.
The Commission said it reached the decision to put the program on hold due to the exceedingly large number of applications received for participation in the scheme.
CySEC will process the applications received to this day for participation in the scheme, but it will not accept any more applications.
On the brighter side, the Scheme will be re-launched on April 1, 2016 with the same procedures and time schedules that were initially unveiled in November last year. However, the fees are changed. These new fees will apply for the applications for taking part in the Scheme submitted from April 1, 2016, onwards.
You can find out more about the new fees and the time schedule from the tables below.
You can view the CySEC announcement by clicking here.