Pre-emptive checks on Cyprus firms
Cypriot Finance Minister Makis Keravnos announced on Tuesday that the cabinet of the Republic of Cyprus has approved the establishment of a unified regulatory authority for companies offering administrative services.
Keravnos stated that with the approval of the authority, supervision over administrative service providers is enhanced. The responsibility will be delegated to the Securities and Exchange Commission, which, in coordination with relevant supervisors including the Bar Association and the Institute of Certified Public Accountants of Cyprus (ICPAC), will oversee these companies.
Additionally, he mentioned that supervision of all companies operating in the sector will be entrusted to the regulatory authority. Joint inspections will be conducted with the two relevant supervisors in cases where there is information or indications affecting the Republic’s image.
According to the minister, within this regulatory framework and with the cabinet’s decision, corporate governance of administrative service providers is strengthened by defining the qualifications of individuals providing these services, as well as the maximum number of companies they serve.
