The Cyprus Securities and Exchange Commission (CySEC) has released its annual report, revealing that it supervised 837 regulated entities at the end of 2022, which is a 3.9% increase compared to 2021. The report also disclosed that approximately 100 new applicants are currently being reviewed pending licensing, representing a 12% increase from 2019.
CySEC stated:
During 2022, a total of 86 applications for licenses were approved for all types of entities under the supervision of CySEC. CySEC rejected 6 applications for Cyprus Investment Firms (CIFs) licenses and a further 15 applications were withdrawn, including applications for CIF licences and collective investments.
Throughout the year, CySEC’s Supervision Department conducted various inspections and reviews on CIFs, including remote, thematic, and on-site reviews, as well as monitoring the requirements for reporting transactions and derivatives contracts.
The Department also monitored the requirements of Collective Investment Institutions and the online marketing practices of CIFs using its specialized system. CySEC imposed administrative fines totaling approximately €2.9 million in 2022, with the majority relating to CIFs.