CySEC Circular C553 & the Compliance Function Requirements

The Compliance Function belongs to the higher ranks of the organisational structure of investment firms, with the Compliance Officer reporting directly to the Senior Management and Board of Directors. For that reason, Cyprus Investment Firms (CIF) are required to establish a permanent Compliance Function (CF), that operates effectively and independently.

In this article, the SALVUS Regulatory Compliance team explores the essential insights of Circular C553, released by the Cyprus Securities and Exchange Commission (CySEC). We support CIF, CASP and other CySEC regulated entities in developing effective policies and procedures affected by such circulars, tailored to their business characteristics. The circular concerns certain aspects of the CF and its key takeaways are discussed in the following order:

1. Overview of Circular C553
2. Responsibilities of the Compliance Function
3. Organisational requirements of the Compliance Function
4. Competent authority review of the Compliance Function

Follow us on LinkedIn to #StayAhead — we regularly share bite-sized insights on LinkedIn such as those found in this article.

Find the full article here: https://salvusfunds.com/2023/05/24/cysec-circular-c553-the-compliance-function-requirements/