STEP Cyprus and CYFA would like to inform their members that following a joint initiative and having received feedback from their respective members regarding the operational and practical perspective of the CyTBOR including, inter alia, other issues brought to our attention, which are of concern to industry members have been communicated with CySEC on 12th September 2022. The relevant letter can be accessed in the Members Only area.
Kindly also be reminded that following CySEC’s announcement on the 7th of September 2022, all trustees of express trusts or persons holding an equivalent position in similar legal arrangements, need to provide CyTBOR with the information outlined in paragraphs 5(3),(4), (5) and (6) of the Directive on the Register of Beneficial Owners of Express Trusts and Similar Legal Arrangements (the “Directive”) the soonest possible, and not later than 7/10/2022 (click here for the relevant announcement).
STEP Cyprus and CYFA will keep you updated on any further developments and have requested a meeting with CySec to discuss and address the concerns brought to their attention.
It is noted that each member is obliged to comply with the circulars/guidelines/announcements of the relevant authorities and regulators. Any information contained in this notification/announcement, or any other notifications/announcements or circulars should be assessed on its own merits.