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Freedom of Cyprus investment firms to provide investment and ancillary services overseas

The Investment Services and Activities and Regulated Markets Law of 2007 permits Cyprus investment firms (CIFs) to provide investment and ancillary services and perform investment functions within the territory of another EU member state or third country, provided that such activities are covered by its authorisation. 
CIFs are required to notify CySEC in advance of their intention to undertake activities abroad, and cannot begin operations until CySEC has notified its counterpart in the other member state or, in the case of proposed activities in a third country, until both CySEC and the competent authorities of the country concerned have given their authorisation. 
The detailed requirements are set out in a circular issued by CySEC in 2013, and CySEC has now issued a further circular drawing CIFs’ attention to it.