The Cyprus Securities and Exchange Commission (CySEC) today released a new update regarding its ‘fast track’ examination scheme. The regulator said in a recent statement that it has decided to relaunch the program which helps expedite the determination of applications for authorisation of entities it regulates.
The “fast-track” procedure involves paying a supplementary fee of €25.000 which the CySEC says it’s used to finance overtime payments to its employees who examine the applications outside their normal working hours.
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It seems the initiative was very successful but CySEC was not ready for the huge rush, so it couldn’t cope with the volume of work in the time allotted and requests have been suspended several times before. The scheme was also suspended ahead of the MiFID II implementation as the new regulations promoted CySEC and national regulators elsewhere to reassess some procedures.
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Despite toughening up its stance towards forex, binary options and other trading providers, as well as recently putting very strict rules in place regarding all financial activity, the mass appeal of being regulated by CySEC is not lessening at all, but growing instead.
As such, the regulator seems decided on capitalizing its appeal in the broader financial services sector through imposing higher fees, or perhaps it aims to encourage only the serious applicants to obtain its license through the fast-track scheme.
Back in early November 2015, CySEC initially announced the implementation of the scheme, which was intended to speed up the examination of the applications before the commission and to sate the relevant entities’ eagerness to get their authorization. The deadlines set in this accelerated procedure were reduced considerably when compared to those of the normal examination process, thus providing a swift method for interested entities to obtain their license.