cyprus investment firms - pwc · document (icaap). • train staff on matters related to anti-money...
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Cyprus Investment FirmsAchieving regulatory compliance
Tell us what you need • Offer investment services in Cyprus and ascertain whether a
licence is needed and how to obtain one. • Set up an Internal Audit function or outsource this service. • Ensure compliance with the requirements of new CySEC
Directives. • Calculate the CIF’s capital adequacy ratio and submit the
relevant statements to CySEC. • Update the CIF’s procedures manual and improve the firm’s
operating model. • Obtain advice on various regulatory compliance issues on an
on-going basis. • Prepare the Internal Capital Adequacy Assessment Process
document (ICAAP). • Train staff on matters related to Anti-Money Laundering,
regulatory compliance, etc.
Our teamPwC has a multi-disciplinary team of CIF specialists who can assist your firm with all regulatory aspects.
Our dedicated CIF team has a wide and in-depth knowledge of the local Laws and Directives and, coupled with their international Financial Services experience, can assist you with any challenges you may face in achieving compliance with regulatory requirements.
For a number of years, our team has been assisting a large number of CIFs with various regulatory-related matters e.g. preparing applications for licensing, acting as internal auditors, etc.
www.pwc.com.cy
It is critical for a Cyprus Investment Firm (CIF) which operates under an authorisation granted by the Cyprus Securities and Exchange Commission (CySEC) to be adhering, on an on-going basis, to the Laws and Directives applicable to CIFs.
Our compliance services
Our regulatory compliance services for CIFs cover a wide array, related to the following:
Applications for licensing
Internal Audit
Internal Capital Adequacy Assessment Process
On-going regulatory support
Staff training
Capital Adequacy and Large Exposures Statements
CIF
Our service offering
© 2012 PricewaterhouseCoopers Ltd. All rights reserved. PwC refers to the Cyprus member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
Licensing applications for the provision of investment services
• Preparation of the application package - We can prepare the full application package that needs to be submitted to CySEC. During this process, our experienced team will advise you on how to better structure your operations in order to meet the regulatory requirements while at the same time achieve cost efficiency.
• Review of the application package - We will provide you with comments and advice on how to improve the application package you have prepared before its submission to CySEC.
• Assistance in obtaining a licence for additional investment services - In the case of licensed CIFs, we can assist you with your application to CySEC in order to obtain a licence for the provision of additional investment services.
• Assistance for setting up a branch abroad or offering services cross border- We can assist you with the applications to CySEC to obtain the relevant authorisations.
Internal audit services
• Audit Trail Verification - We can perform a review of the audit trail capabilities of the CIF’s electronic systems and procedures in accordance with the CySEC’s requirement.
• Internal Audit Outsourcing - PwC is already acting as the approved Internal Auditor for a large number of existing CIFs, and can be appointed your CIF’s Internal Auditor.
• Internal Audit Advisory - In the case that a licensed CIF wants to set up an “in-house” Internal Audit function, we can provide assistance in relation to risk assessment, preparation of audit programmes, designing reporting tools, etc.
Capital Adequacy, Large Exposures and Pillar 3 Disclosures
• Preparation or review of the Capital Adequacy and Large Exposures statements to be submitted to CySEC - This is an area of high technical complexity and our advisors can assist you to prepare these statements or review any related work done by the CIF.
• Preparation of Pillar 3 Disclosures - We can assist you with the preparation of the Pillar 3 Disclosures by ensuring that all necessary information is appropriately reflected in the document.
• “Tailor-Made” Training - We can deliver training at your offices, using your circumstances and financials as examples. You will become equipped with the necessary skills and knowledge to perform such work going forward.
Internal Capital Adequacy Assessment Process (ICAAP)
• Preparation of the ICAAP document - Working in close cooperation with your staff, we will provide you with valuable advice on how to manage and mitigate the risks in your firm, in addition to the preparation of the final deliverable which is the ICAAP document.
• Review of the ICAAP document - We can review the work performed by you and provide you with our comments on how to improve your ICAAP document prior to submitting it to CySEC.
On-going support for regulatory compliance
• Support with day-to-day queries - Responding to your day-to-day questions in relation to the Laws and Directives governing a CIF.
• Prepare or update your policies and procedures - Preparation or update of your policies and procedures (Operational Procedures Manual, Trading Book Policy Statement, AML Policy, Best Execution Policy, etc).
• Training - We can provide customised training on many subjects that relate to regulatory compliance (e.g. Anti-Money Laundering, Know-Your-Client procedures, etc).
Contact usLiakos M TheodorouPartner - Head of Assurance & [email protected]
George LambrouPartner - Risk Assurance [email protected]
Demetra EllinaSenior Manager - Risk Assurance [email protected]
Maria AthienitouSenior Manager - Risk Assurance [email protected]
Elina ChristofidesSenior Manager - Risk Assurance [email protected]
PwC CyprusJulia House3 Themistocles Dervis StreetCY-1066 Nicosia, CyprusP O Box 21612, CY-1591 Nicosia, CyprusTel: +357-22555000Fax: +357-22555001