The Cyprus Securities and Exchange Commission (CySEC) announced today the withdrawal of the authorization of the Cyprus Investment Company (CIF) of Pricewaterhousecoopers Investment Services (Cyprus) Ltd.
The decision was taken during a regulatory meeting held on 17 June 2024. It is in accordance with Article 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and Article 4(7) of Directive DI87-05 The regulatory move is due to the company’s decision to expressly renounce its CIF license.
The following announcement appears on the company’s website:
“Notice of renunciation of license to operate as a Cyprus Investment Company
PricewaterhouseCoopers Investment Services (Cyprus) Ltd (CIF License No. 351/17) (the “Company”) hereby announces its decision to surrender its license to operate as a Cyprus Investment Company pursuant to the provisions of Law 87(I) / 2017 and Directive DI87-05 of the Cyprus Securities and Exchange Commission (“CySEC”) on the Procedure for Suspension and Revocation of Authorization and other related matters.
This decision was taken following a thorough assessment of the current business landscape and an overall assessment of the Company’s business operations, carried out as part of a wider strategic realignment carried out by PwC Cyprus.
The Company would like to express its deepest apologies to its customers for any challenges and inconvenience this may cause. It is the Company’s priority to ensure that its customers receive the same quality of service until its last day of operation.
Any questions and/or concerns clients may have regarding the Company’s services should be in writing and addressed to cy_pwcinvestmentservices@pwc.com. If any of our customers wish to make a formal complaint, they should complete the Complaint Form, which can be accessed via the Company’s website here.
Each Company customer will be contacted individually to inquire about specific timelines for deliverables and the last day of service. This personalized approach aims to provide clarity and support throughout this transition period.
The Company appreciates the support and trust of its customers over the years and would like to thank everyone for their patience and understanding.
Yours sincerely,
PricewaterhouseCoopers Investment Services (Cyprus) Ltd”