Cyprus not ready for MiFiD II: infringement procedure by the EU Commission

In September 2017 the EU Commission has started an infringement procedure against the Republic of Cyprus for non-transposition of  Directive 2017/593/EU, implementing Directive 2014/65/EU -Mifid II

The directive, which Cyprus has not transposed, relates to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits.

The protection of client financial instruments and funds is an important part of that regime, investment firms being subject to an obligation to make adequate arrangements to safeguard investor’s ownership and rights in respect of securities and funds entrusted to an investment firm. Investment firms should have in place proper and specific arrangements to ensure the safeguarding of client financial instruments and funds.

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