CYFA Announcement #35/2022 – Update Trust Registry CyTBOR Issues

STEP Cyprus and CYFA would like to update their members that following the joint letter sent to CySEC on the 12th of September, a relevant meeting has been held on Thursday 22nd of September to discuss relevant issues raised. The meeting was held in a very constructive manner and all points raised will be internally examined by CySEC the soonest. Kindly also note that no extension of the CyTBOR submission deadline is to be granted so obliged entities should proceed and submit relevant information to the registry by the set deadline. However, CySEC informed in writing on the 4th of October 2022 that where an examination of a possible breach of the relevant directive is undertaken, then CySEC will consider in its assessment those cases associated with the issues raised.

STEP Cyprus and CYFA will keep you updated on any further updates.

You are 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).

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.