Cypriot Investment Firms (CIFs)

The Investment Firms Act of 2002 (the "Act") provides the legal framework for the provision of investment services as well as for the registration, regulation of operations and supervision of CIFs.

The Act governs the provision of investment and non-core services in Cyprus, as well as the provision of investment and non-core services from within Cyprus.

Investment services include any of the following services:

• Reception and transmission, on behalf of investors, of orders in relation to one or more financial instruments as these are defined in the Act
• Execution of such order (above), other than for own account
• Dealing in financial instruments for own account
• Managing of investment portfolios in accordance with mandates given by investors where such portfolios include one or more financial instruments
• Underwriting in respect of issues of financial instruments as these are defined in the Act

Non-core services include any of the following services:

• Safekeeping and administration in relation to one or more financial instruments
• Safe custody services
• Granting of credits or loans to clients to enable them to carry out transactions in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction
• Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and acquisitions
• Services connected to underwriting
• Investment advice concerning one or more financial instruments
• Foreign-exchange services where these are connected with the provision of investment services

CIFs must be licensed by the Cyprus Securities & Exchange Commission, which is the relevant regulatory and supervisory authority (www.cysec.gov.cy)