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Investment in Europe via Cyprus

27/01/2004 14:49
The first K.E.P.E.Y licenses to offshore companies will be granted within the next month, Chairman of the Securities and Exchange Commission, Marios Clerides told CNA on Tuesday. So far, 46 companies have submitted their applications, a large number of which are Russian. Mr. Clerides stressed that the offshore K.E.P.E.Ys are interested in international stock exchanges with investments in various stock exchange products, such as shares, bonds and derivatives and clarified that if those companies decide to get involved in the Cyprus market, they need to become CSE members.

It is noted that SEC’s Chairman had traveled to Russia to discuss the issue, but according to sources, several procedural and bureaucratic problems had resulted. The Commission had, therefore, requested (and achieved) an extension by the Parliament, as previous deadline expired on June 30.