Licensing

XCH Licensing department can help you obtain:

  • • a Cyprus Investment Firm License from the Cyprus Securities and Exchange Commission (CySEC)

  • • an EU (European Union) Investment Firm License from any other EU Authority

  • • an Administrative Services Provides (Fiduciary)

  • • an E-Money (Electronic Money) or Payment Institution License from the Central Bank of Cyprus or any other EU Authority

  • • a Fund Manager License (AIFM or UCITS Management Company) as well as a license or registration for Alternative Investment Funds (AIF) or UCITS funds from CySEC or any other EU Authority

  • • a Banking License from the Central Bank of Cyprus or any other EU Authority

  • • Online Gaming License (Sportsbook and Casino) from any European or Offshore Jurisdiction

An Investment Firm licensed by the Cyprus Securities and Exchange Commission (CySEC) falls under Law 87(I)/2017 regarding the provision of investment services, the exercise of investment activities and the operation of regulated markets. Once licensed, it is able to provide investment services through representative and branch offices across 30 member countries via the EU Single Passport.

Investment firms that are in the Forex and Brokerage markets are growing larger every day. Investors are becoming increasingly interested in this sector, while at the same time becoming more demanding. A plethora of Forex and Forex Brokerage firms are already active in the retail and professional markets and a growing number of others are currently being licensed in what is turning into an increasingly regulated, competitive and challenging environment.

XCH has succeeded in registering of many Investment firms in Cyprus (CIF) as a promoter or consultant and extending the license of a number of existing CIFs (NB: Extending the license involves a procedure similar to a new registration as regards procedures and manuals).

Due to our specialization and specific experience in the field, the registration process for all these CIFs took minimum time following the submission of the respective application files.

In the Republic of Cyprus (the “Republic”) the provision of payment services is regulated by the Provision and Use of Payment Services and Access to Payment Systems Law of 2018 (“Law”), which transposed into national law the provisions of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

The provision of electronic money services in the Republic is regulated by the provisions of The Electronic Money Laws of 2012 and 2018 (‘‘the Law’’) which transposed into national law the as per the directives of the European Parliament and of the Council on such matters.

XCH offers set-up and authorization services and post-license compliance support for PIs and EMIs for EU wide operations. Our dedicated PI and EMI support team can facilitate the registration process in the most efficient manner for a reliably fast submission of the respective application file and represent the application in front of the CBC in the most professional manner.

CySEC authorised fund managers benefit from the status of the Republic of Cyprus as a full member of the European Union, which provides them with unfettered access (EU passport) to the European Economic Area (EU members plus Liechtenstein, Norway and Iceland).

Cyprus affords an easy-to-set-up fund management regime; a fund (either an AIF or UCITS) can be set up as a variable capital investment or as a mutual fund. In addition, AIFs can also be set up in the form of limited liability partnerships (LLPs) and as fixed capital investment firms.

With respect to AIFs, CySEC has also introduced the AIF with limited number of Persons/Investors (AIFLNP), an AIF that requires no initial capital and is exempted from appointing a depositary.

XCH offers continuous support and modular solutions tailored for the Funds industry. Our specialised team can assist with all phases of a Fund’s lifecycle, from the establishment of the Fund and its authorisation by the CySEC to on-going operational requirements.

All our licensing services include:

  • • Consulting on the form of a financial group’s presence in Cyprus and the rest of the EU
  • • Advisory support towards the authorisation and registration of an EU financial institution;
  • • Preparation of the Application File in accordance with current regulatory requirements to include the following activities, among others:
    • • Design and build the financial institution structure based on your needs (in a cost-efficient way);
    • • Prepare the Offering Memorandum/Prospectus in accordance with clients’ needs and Cysec Legal Framework requirements
    • • Prepare the Memorandum and Article of Association in accordance with the AIF operation and Cysec Legal requirements, in collaboration with or associated Law Firm.
    • • Prepare a custom-built Operations Manual in the most efficient manner and based on your needs;
    • • Prepare the Anti-Money Laundering Manual (AML) and the Know Your Client (KYC) policies in the most efficient manner and based on your needs;
    • • Prepare the business plan;
    • • Complete the application form to be submitted to the relevant EU regulatory authority;
    • • Review the questionnaires of the shareholders, directors and heads of departments of the proposed financial institution;
    • • Locate qualified executive and non-executive directors (if needed);
    • • Complete the relevant checklists;
    • • Prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable;
    • • Prepare the letter(s) to accompany the application in the event that any exception may be requested;
    • • Guide you in providing all the necessary documentation and certificates;
    • • Answer any relevant questions concerning the application process, and;
    • • Respond on your behalf to the Authority’s queries and suggestions relating to the application.
    • • Full legal, accounting and auditing support.

XCH is responsible for eleven (11) online Gaming Licenses from EU countries and from offshore jurisdiction. Our experienced staff can assist you to:

  • • Obtain your Online Gaming license (Sportsbook and Casino) from any jurisdiction in accordance with clients requirements and operational markets
  • • Develop the Business Strategy in accordance with the client’s needs
  • • Develop your marketing strategy
  • • Introduce the most successful Sportsbook and Casino platforms
  • • To introduce payment institution in EU or out of EU, for clients deposits in several ways.
  • • To assist you with the ssystem integration.
  • • Ongoing support after authorisation

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