CySEC: remuneration policies and practices for the purpose of compliance with the Investment Services and Activities and Regulated Markets Law 2007
Subject to the provisions of Circulars C138 in conjunction with C145, all Cyprus Investment Firms (“CIFs”) must establish, implement and maintain remuneration policies and practices for the purpose of compliance with the requirements of sections 18(2)(b) and 29 of the Investment Services and Activities and Regulated Markets Law 2007 ("the Law"), as in force in relation to conflicts of interests and on the other hand, with the conduct of business rules set out in section 36(1) of the Law.
Accordingly, Cyprus Securities and Exchange Commission (“CySEC”) has requested that all CIFs:
- Review their remuneration policies and practices and ensure that they comply with all the above mentioned.
- Take, where necessary, immediately and without any delay, corrective actions.
- Submit to CySEC a confirmation by all board members as to their compliance with this circular. In addition, submit with the confirmation, where applicable, an outline of the policies and practices of remunerations established, implemented and maintained by the CIFs and where applicable, the corrective measures adopted for compliance purposes.
- This confirmation is to be submitted to CySEC electronically to the email address supervision@cysec.gov.cy the soonest and not later than September 16, 2016.
