Authorisation of Data Reporting Service Providers in Cyprus

The Cyprus Securities and Exchange Commission has announced the procedure for authorisation of Data Reporting Service Providers (DRSPs) in Cyprus under the Markets in Financial Instruments Directives (2002/92/EC and 2011/61/EU as amended by 2014/65/EU) and the Markets in Financial Instruments Regulations (648/2012 as amended by 600/2014). Under Directive 2014/65/EU, commonly known as MiFID 2, authorization requirements will apply to DRSPs from 3 January 2018.

Firms that intend to apply for authorization as a DRSP should notify CySEC of their intention before the end of September 2017 by email and should submit an application on the prescribed form, which is available on the CySEC website, by the end of November 2017. The appendix to the announcement summarises the requirements for authorisation.

The announcement emphasises that a wide range of market participants are potentially affected by the changes, including investment firms or market operators operating a trading venue providing the data reporting services defined in MiFID 2, and entities that will no longer be outside the scope of the new Investment Services and Activities and Regulated Markets Law of 2017 (Law 87/(I)/2017).

If you require further information please refer to Dimitris Papoutsis or your usual contact at Elias Neocleous & Co LLC.