Regulatory Services and Licensing
Anastasios Z. MYLONAS & Co LLC can help you obtain a license for EU and non-EU based Investment Firms, Funds, Payment and Electronic Money Institutions, Gaming, Corporate Service Providers, Financial Institutions, Insurance Companies and Banking license in Cyprus.
The main advantages by setting such an organization in Cyprus, is because in the majority of the situations, when you obtain a Cyprus license you are allowed to operate such organizations, you can trade and work throughout Europe.
How can we help!!!
Anastasios Z. MYLONAS & Co LLC advice on the current framework and procedures required in each case based on our experience on the unique way each market participant operates and set up a proposed structure.
- Advise on the activation procedure, based on the applicable license conditions and legal framework requirements and the capital requirements.
- Expand the license, applying for a branch or a representative office, applying of a tied agent or for new licenses in EU and non EU countries.
Furthermore, our services depending on the license may include:
- Consulting on the form of a financial group’s presence in Cyprus and the rest of the EU (IF, CIF, Investment Branch or other, depending on the Client’s needs)
- Advisory support towards authorisation and registration of an EU Investment Firm or a Cypriot Banking Institution
- Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
- design and build the IF structure, and based on your needs (in a way that it shall be cost-efficient)
- 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 IF
- 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 events that any exceptions may be requested, as applicable
- guide you in providing all the necessary documentation and certificates
- answer to any relevant questions concerning the application process
- undertake to be responding, on your behalf, to the Authority’s queries, and suggestions relating to the application.
- CIF/IF/Bank registration after the authorization
- Locating qualified Directors and personnel for an/a CIF/IF/Bank
- Full legal, accounting and auditing support of an/a CIF/IF/Bank
Compliance Officer and Compliance support Services
One of the most significant risks into establishing a license organization is the compliance risk with the EU and local legislation and directives, which may result into severe penalties and/or withdrawn of the license to operate. Such risk may come up too much for newly established organizations having to worry with the business development and setting-up and monitoring of the Cyprus officers. Therefore, it is essential for newly establish organizations to have a group of professional to advice and work with them step by step as to proceed with the business development and be in line with the compliance regulation being able to sleep at nights at the same time.
Anastasios Z. MYLONAS & Co LLC provides Compliance and Compliance Consulting Services to EU and non EU based regulated entities (Investment Firms, Investment Funds, AIFMs, Payment Institutions, Electronic Money Institutions, inter alia) that wish to outsource the Compliance Function or to have compliance support services in relation to compliance matters. Usually, we work with organizations to employ the right person that meet the criteria of technical & business expertize associate with the related cost as to lead the day to day operations of the compliance function and we are providing our support in problem solving and in more technical matters. However, we may be appointed as compliance officers where there is no matching between the associate cost and the work to be done with the needs of our clients.
Compliance and Compliance Consulting Services are offered to EU and non-EU based regulated entities to ensure that they are compliant with the relevant and current regulatory requirements. Compliance requirements inter alia are being defined by the EU Markets in Financial Instruments Directive and Regulation (MIFID, MIFID II and MIFIR), Basel II and III, Capital Requirements Directive IV and Regulation (CRDIV and CRR), the European Markets Infrastructure Regulation (EMIR), the Foreign Account Tax Compliance Act (FATCA), the Alternative Investment Fund Managers Directive (AIFMD) and Anti Money Laundering Legislation.
Risk Management Services
The risk management department is the one that drives decisions making, strategy and risk appetite. Whether you decide to involve into a specific investment decision or set up an overall risk managing strategy or a risk based approach, the group of professional of Anastasios Z. MYLONAS & Co LLC can identify the relevant risks involved and provide mitigating factors and procedures.
Having experience people, servicing numerous Investment Firms, Investment Banks, Electronic Money Institutions and Payment Institutions, Anastasios Z. MYLONAS & Co LLC, provides dedicated active Risk Management and specialized Regulatory Compliance services as follows:
- Dedicated outsourced Risk Manager officers.
- Internal Capital Adequacy Assessment Process (ICAAP) and Supervisory Review (SREP) assistance.
- Regulatory Risk Compliance.
- Capital Requirements Regulation (CRR) and Directive (CRDIV).
- European Market Infrastructure Regulation (EMIR).
- Markets in Financial Instruments Regulation (MiFIR) and Directive (MiFID II).
- Enterprise Risk Management Consulting
Anastasios Z. MYLONAS & Co LLC, provides Internal Audit Services to regulated entities (Investment Firms, Investment Funds, Payment Institutions, Electronic Money Institutions, Municipalities and Quasi-Governmental Organizations, Banks and Insurance Companies inter alia) that wish to outsource the Internal Audit Function or to have an external Internal Auditor review their procedures. Our experience people of qualified accountants, will report to identified weaknesses and/or best practices on your internal control function that may compromise your investment either internally or by non-compliance with laws and regulations. It may also report to business risks based on market insights that should take special attention and current regulator practices that may affect your organization. Having our Internal Auditors service, means that you have an insight on what’s going on to your organization while you are concentrating in the decision making.
Regulation and Advisory Services
Anastasios Z. MYLONAS & Co LLC, provides advice regarding any regulation surrounding companies, ranging from Companies Law, Taxation Law, Investment Firms Law, Investment Funds Law across EU and/or Non-EU Jurisdictions and regulations. Also, it provides advice on industry best practices that can assist the market participants to be on the forefront of client service and protection. Our founders being experience lawyers together with our people of experience accountants and consultants, meaning that you would have your legal support, the related costs and market insights in each decision you made.
Working with Anastasios Z. MYLONAS & Co LLC people you have the experience of the regulatory market on your feet as to enable you to take the right decision, the right time at the right cost.
Whether you establish or we establish for you a license organization the obligations of your organization does not stop with the requirements of the regulator. Companies in Cyprus are obliged to be in line with several requirements. Anastasios Z. MYLONAS & Co LLC by servicing such organization identify an increase demand for having services that includes all the administration cycle of regulated organizations. Although, our various department deal which each of your organization requirement, we appoint a responsible manager which would deal with all the department as to make sure that we obtain an understanding of your needs that is efficiently satisfied based on our highly internal quality requirements. Therefore, you just deal with only one person that can inform you for the deadlines, status, associate cost or the business insight of your request.
Such services are listed on our corporate category and may include
- Regulatory services
- Administration and fiduciary services
- Non-executive Directors
- Accounting and Tax services
- Audit services
- Work and resident permits
III. Offices and Employment
Obtaining a license to operate from Cyprus authorities, means that you have to establish physical substance within the territory of Cyprus.
A physical substance usually includes, the acquisition of offices in Cyprus, setting up the infrastructure of the Cyprus office and employment of personnel.
Anastasios Z. MYLONAS & Co LLC through our expertise, knowledge and network we provide with confidence to our clients high quality services in talent acquisition covering the financial business sector
Our services include:
- Recruiting and resourcing of all types of personnel.
- Setting up emolument packages
- Interviewing and referencing candidates
- Issuing Employment Agreements to all personnel engaged.
We are tailoring our recruitment campaigns by working closely with our clients as to meet the need of each business, the seniority level, the required experience level and the cultural fit.
Spotting talent is our primary asset and our aim is to match the right talent to the most suitable vacancy and employer.
Acquisition of office
Anastasios Z. MYLONAS & Co LLC through its associates, spots privileged offices in city centers or near the sea in accordance with the client preferences.
We closely work with our clients as to identify current and short term needs and set up a budget into acquiring the right property.
Legal advice and cost vs benefit analysis is also provided as to enable them decide whether to acquire or rent a property in Cyprus, indicating the rights and obligation engaged into any of the decision. Such decision may depend on various factors such as the strategy, forecasts, future expansions and profitability indexes.
Setting up an office may engage, time consuming and costing methods setting up the infrastructure.
Such activities include the following:
- Tailored offices in Company needs
- Setting up a network
- Acquisition of furniture and fittings
- Acquisition of software and hardware
- Acquisition of Marketing material and labels
- Setting up a security system and meeting security standards
- Meeting safety requirements for employees
- Arranging public kitchen material