The Cyprus Securities and Exchange Commission (CySEC) today announced the withdrawal of the Cyprus investment firm (CIF) authorisation of Pricewaterhousecoopers Investment Services (Cyprus) Ltd.
The decision was made during a regulatory meeting held on June 17, 2024. It is in accordance with section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05. The regulatory move is due to the company’s decision to expressly renounce its CIF license.
The website of the firm displays the following announcement:
“Notice of renunciation of authorisation to operate as a Cyprus Investment Firm
PricewaterhouseCoopers Investment Services (Cyprus) Ltd (CIF License No. 351/17) (the “Company”) hereby gives notice of its decision to renounce its authorisation as a Cyprus Investment Firm in accordance with the provisions of the Law 87(I)/2017 and the Directive DI87-05 of the Cyprus Securities and Exchange Commission (“CySEC”) on the Procedure for the Suspension and Withdrawal of Authorisation and other related matters.
This decision has been made after a thorough assessment of the current business landscape and a comprehensive evaluation of the Company’s business operations, undertaken as part of a broader strategic realignment exercise carried out by PwC Cyprus.
The Company would like to express its deepest apologies to its clients for any challenges and inconvenience this may cause. It is the Company’s priority to ensure that its clients will receive the same quality of services until the final day of its operation.
Any queries and/or concerns that the clients may have in respect of the Company’s services should be made in writing and addressed to cy_pwcinvestmentservices@pwc.com. Should any of our clients wish to submit an official complaint, they should complete the Complaint Form, which is accessible via the Company’s website here.
Each of the Company’s clients shall be contacted separately to be informed regarding specific timelines for deliverables and the final day of service. This personalized approach is aimed at providing clarity and support throughout this transition period.
The Company appreciates its clients’ support and trust over the years and would like to thank everyone for their patience and understanding.
Yours sincerely,
PricewaterhouseCoopers Investment Services (Cyprus) Ltd”
