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FINANCIAL INSTITUTIONS CONSULTING

Lysandrou Law > FINANCIAL INSTITUTIONS CONSULTING

Our dedicated team of lawyers and other consultants is always on hand to provide specialist support and legal expertise in order to consult, support and fully assist with matters pertaining to Financial Institutions by leveraging our establishment’s expertise and our expert network.

Area of Consulting: 

  • Consulting with legal issues of Fraud / Misconduct / Financial crime in Financial services  
  • International and Cyprus Investment Firms (CIF) in Forex FX, CFD and/or Securities
  • Cyprus E-Money Electronic Money Institutions (EMI) under the Cyprus Central Bank (CBC)
  • Provision of Corporate Services for Financial Institutions

 

 

Dealing with issues of Fraud / Misconduct / Financial crime in Financial services  

Our dedicated team of lawyers can consult and assist investors and/or financial institutions in relation to issues of Fraud, Misconduct and or Financial crime, and provide all legal support required in this regard.

 

International and Cyprus Investment Firms (CIF) in Forex FX, CFD, and or Securities

Our advisory team through its expert associates is currently one of the service providers that has been reliably successful in obtaining licenses and registering Cyprus Investment Firms (CIFs), as well as arranging the required set-up, with experience on both EU MIFID I and MIFID II regimes. The Cyprus Securities and Exchange Commission (CySEC) is the regulator for Investment Firms (Cyprus Investment Firms) established in Cyprus. Such firms or groups include operations of Brokerage, Agency, Principal/Market Maker, Asset/Portfolio Management, Advisory etc. Groups may include multiple investment firms with licenses in Cyprus (CySEC) as well as additional jurisdictions depending on their strategy and group-structuring. Furthermore, relatively lighter setups might be feasible in cases of Institutional/Professional business strategies.

Multiple types of services/activities can be part of the same licensed entity in Cyprus. The minimum capital requirements range between EUR-level 50k-125k-730k, and furthermore the establishment must demonstrate strong managerial credentials/background in its field. Ensure plenty of financial resources available for capital and, and for the cost of a fully-fledged and staffed operation in the country with management in Cyprus.

Our firm’s consultancy services for a CySEC application includes, among others, the following:

(i) Our expert team assist in preparing the CySEC’s License Application, with the characteristics applicable to the client:

  • Guidance in providing information, documentation and certificates
  • Consultation on CIF structure and on initial setup
  • Preparation of required Manuals in accordance with applicable CySEC regulation
  • Guidance on the relevant business plan
  • Review of the required questionnaires of shareholders, directors and of other departmental officers. As well as liaising to identify potential management and/or directors when necessary and available.

(ii) Complete, pre-vet and submit on behalf of the Company the necessary/appropriate application to CySEC, follow up the said application up to completion, and guide on the subsequent license activation requirements.

 

Cyprus E-Money Electronic Money Institutions (EMI) under the Cyprus Central Bank (CBC)

A strong reference is made to EMI, and not just Payment Institutions (PI) due to the fact that EMI entails all those capabilities of a PI plus key additional ones. The most identifiable differences between an EMI and a PI is the EMI’s ability to issue electronic and provide its clients with an electronic purse (E-Wallets), and its ability to hold clients’ funds for more than 24 hours. If the envisaged business model calls for holding retail or corporate clients’ funds (balances) for more than 24 hours and providing all sorts of payment (transfer) options, then the EMI is the option to take. In our opinion, if the initial capital requirement is not an issue, the EMI will allow greater operational flexibility and a stronger product offering making it a better option overall. An interested party in need of arranging EMI services may also be approved by the CBC to become Agent of an existing EMI. This also serves as an initial approval and endorsement if a future EMI establishment project is of interest.

About CBC EMI application:

The Central Bank of Cyprus is the regulator for Electronic Money Institutions (EMI) established in Cyprus. The Minimum capital requirement for an EMI is at EUR-level 350k, and furthermore the establishment must demonstrate strong credentials/background in its field. Ensure plenty of financial resources available for the cost of a fully-fledged and staffed operation in the country with management in Cyprus, and most importantly robust EMI systems acceptable to the regulator.

Our firm’s consultancy services regarding the application to the Central Bank of Cyprus includes, among others, the following:

(i) Our expert team assist in preparing the CBC’s License Application, with the characteristics applicable to the client:

  • Guidance regarding the compliance with the fund safeguarding requirements
  • Preparation of required Manuals
  • Guidance on the relevant business plan
  • Review of the required questionnaires of shareholders, directors and of other departmental officers. As well as liaising to identify potential management and/or directors when necessary and available.

(ii) Complete, pre-vet and submit on behalf of the Company the necessary/appropriate application to CBC, follow up the said application up to completion, and guide on the subsequent license activation requirement.

 

Corporate Services for Financial Institutions

L. Lysandrou & Partners LLC can be of assistance to other practical matters relating to establishment of Financial Institutions by providing, inter alia, the following services:

  • Incorporation of companies in Cyprus and a large number of other foreign jurisdictions
  • Acting as Secretary at an annual fee
  • Providing Registered Office facilities at an annual fee
  • Providing Directors services at an annual fee
  • Providing book-keeping services
  • Corporate structuring-Management & Administration services           
  • Tax Consulting
  • Services relating to the establishment and operating of bank accounts in Cyprus and abroad etc.
  • Arranging for the Audit of companies (Internal & External)

For advice on commercial and corporate issues, contact the experts!