A third-country firm that does NOT satisfy the legal requirements based on the Law and Regulation (EU) 600/2014 must do what to provide investment services in the Republic?
Explanation
This question clarifies the alternative route for third-country firms that do not meet the EU's equivalence criteria, highlighting the importance of establishing a supervised physical presence.
Other questions
According to Section 1.1, Law 87(I)/2017 applies to several entities. Which of the following is NOT explicitly listed among them?
Which of the following specific provisions applies to credit institutions undertaking investment services covered by the authorisation of another EU member state, as per Section 1.1?
What is required for a third-country firm to provide investment services to eligible counterparties and professional customers in the Republic WITHOUT establishing a branch?
For a third-country firm to be registered by ESMA, the European Commission must have issued a decision stating what about the third country?
Even for organisations exempt from Law 87(I)/2017, which requirements remain applicable?
An organization dealing on its own account in financial instruments (other than commodity derivatives) is exempt from Law 87(I)/2017 unless it does which of the following?
Under Section 1.3, what condition must be met for an organization to be exempt when it provides investment services in an incidental manner in the course of a professional activity?
According to Section 1.3, point 9, an organization dealing in commodity derivatives can be exempt provided that the activity is ancillary to its main business and it annually notifies CySEC. What is the third condition?
Who are the two main competent authorities responsible for supervision under EU directives and regulations in the Republic of Cyprus mentioned in Section 1.4?
Which of the following powers is NOT listed under Section 1.4 as a power of the Central Bank of Cyprus (CBC) in relation to CySEC?
How frequently must CySEC conduct reviews of the arrangements, strategies, and processes of CIFs?
If CySEC receives a request from another competent authority regarding an inspection or investigation, which of the following is NOT an option for CySEC?
Under what circumstances may CySEC refuse to provide information or cooperate with an investigation requested by another member state?
What is the primary objective of the Investor Compensation Fund (ICF) as stated in Section 3.1?
Which of the following entities is NOT listed in Section 3.1 as a member that participates in the ICF?
According to Section 3.2, which of the following is NOT a source of funds for the ICF?
What is the minimum percentage of ICF assets that must be placed in governmental securities, or in specified interest-bearing accounts?
An ICF member can pay unsolicited customer funds to the ICF if the funds have been held for at least how long since the last transaction?
What is the maximum compensation amount per covered client provided by the ICF, according to Section 3.3?
According to Section 3.3, which of the following is a condition for the ICF to proceed with the payment of compensation?
Which of the following categories of investors is explicitly listed as NOT covered by the Investor Compensation Fund (ICF) in Section 3.3?
Shareholders of an ICF member are considered 'Uncovered Customers' if they hold at least what percentage of the member's share capital?
After the ICF issues a decision determining the amount of compensation, within what timeframe is it obliged to pay the covered client?
What is the maximum fine for a person convicted of the criminal offence of providing false or misleading information under Law 87(I)/2017?
What is the maximum term of imprisonment for a person convicted of a criminal offence under Article 94 of Law 87(I)/2017?
If an offence under Law 87(I)/2017 is committed by a legal person, who from the following list may also be criminally liable?
What must be established for members of the board of directors to be held liable for a criminal offence committed by their legal person?
Algorithmic trading requirements under Law 87(I)/2017 also apply to members or participants of regulated markets and MTFs that are what?
According to Section 1.2, in the event an EU decision is adopted which results in an authorised third-country firm satisfying the legal conditions, what may the firm do?
Which of the following entities are specifically mentioned as being exempt from Law 87(I)/2017 in Section 1.3?
What is CySEC's responsibility regarding individuals acting on behalf of a CIF or an IF of another EU member state, as per Section 1.4?
What must CySEC ensure when authorising the provision of investment services, according to Section 2?
If CySEC has reason to believe an entity not under its supervision is acting contrary to EC regulation in another member state, what must it do?
Branches of IFs of Member States can voluntarily participate in the Cyprus ICF for what purpose?
Under what circumstances can contributions and fees paid to the ICF be refunded to a member?
What is the minimum percentage of ICF's total assets that must be placed in interest-bearing current accounts in banks operating in the Republic?
When the ICF compensation payment process is activated, how does the ICF inform the public?
According to Section 3.3, which claim would be considered a 'Covered Claim' by the ICF?
Which of the following persons is considered an 'Uncovered Customer' by the ICF?
What is the status of the contributions and fees paid to the ICF regarding the assets of its members?
Relatives up to which degree are considered 'uncovered customers' of the ICF if they are related to managers or major shareholders of the member firm?
Under Law 87(I)/2017, which action is considered a criminal offence?
If the ICF's Management Committee deems that available funds are insufficient, what can it do with CySEC's consent?
How must investment firms that are exempted from the obligation to participate in the ICF treat their clients?
Which condition is necessary for a third-country firm's license in its home country to be considered valid for the purpose of ESMA registration?
What type of information received by supervisory authorities is subject to the conditions of professional secrecy?
If a CIF is a remote member of a regulated market in another member state, who can address the CIF directly?
What happens if an ICF member loses its operating license for any reason?
Which of the following is NOT a condition that must be met for a client's claim to be paid by the ICF?