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Abstract:CySEC launches a review on CIFs' management of uninvested funds, assessing compliance and transparency to enhance investor protection in Cyprus.
The Cyprus Securities and Exchange Commission (CySEC) has launched a thematic assessment of how Cyprus Investment Firms (CIFs) handle uninvested monies on behalf of its customers. This assessment, known as 'the Exercise,' is intended to investigate the management of this money, including the payment of interest or refunds.
Regulatory Compliance Assessment
The main purpose of the Exercise is to assess CIF processes to ensure they meet regulatory requirements. This assessment will focus on many critical aspects, including CIFs' procedures and operational frameworks, the openness of information offered to customers, and the internal controls in place to satisfy regulatory duties, notably in marketing communications. CySEC notes that this evaluation is consistent with the regulatory framework and aims to safeguard investor interests while guaranteeing compliance.
CySEC will perform this examination using a desk-based technique with a chosen sample of CIFs. In the next few days, CySEC intends to send a thorough inquiry to these companies. CIFs must react within a certain deadline and submit supporting documents if needed.
After completing the Exercise, CySEC will release a thorough circular describing its findings and any appropriate steps arising from the evaluation. This program demonstrates CySEC's commitment to ensuring regulatory compliance and improving investor safety in the Cyprus financial industry.
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