The Cyprus Securities and Exchange Commission (CySEC) has issued the Circular No. 108 (dated on the 26th of January 2016), informing the regulated entities under its supervision, including among others CIFs, AIFs, AIFMs, ASPs, that:
- their name should reflect their activities in order not to mislead the potential investors. For instance, a CIF can include in its name the words “asset management” only under the condition that it is licensed to provide portfolio management services etc.
- changes in the names and/or trade names can be made only in exceptional cases (such as in the case of a merger or an acquisition). Please note that CySEC should be notified in advance.
- regulated entities under investigation or that have been sanctioned are not allowed to proceed with any changes in their names.
Please keep in mind that:
- the prior approval of CySEC is required for any name change, including for the use of a trade name;
- if the name change is approved, the regulated entity should include for at least a year its previous name on its website, correspondence, marketing material etc. (example: “ABC LIMITED, previously DEF LIMITED”).
All the regulated entities are expected to comply immediately with the provisions of this circular.
For legal advice, you can get in touch with our Regulatory Advisory Team.