The CySEC has issued a draft circular for consultation with Cyprus Investment Firms (‘CIFs’) and other stakeholders setting out proposed changes to the procedures to be followed by CIFs in order to fulfil their obligations with regard to safeguarding of clients’ funds. The consultation period is until 18 November 2016. CIFs are required to have in place robust and adequate administrative and internal control procedures to safeguard clients’ funds. They must exercise due skill, care and diligence in the selection, appointment and periodic review of persons entrusted with the clients’ funds and arrangements established for holding the funds.
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