CySEC Circular C663 – UKNF’s Position on Referral and Affiliate Programs

On the 12th of November, the Cyprus Securities and Exchange Commission (CySEC) issued Circular C663 to draw the attention of Cyprus Investment Firms (CIF) on the position of the Polish Financial Supervision Authority (UKNF) of October 2023, on referral and affiliate programmes run by investments firms in Poland.

The UKNF prohibits clients of investment firms or unregulated intermediaries to undertake individualized actions to acquire clients or potential clients for investment services through referral or affiliate programs. Additionally, it forbids these individuals from providing information about the scope of investment services offered by the investment firm for the solicitation of clients.

The UKNF highlights that these activities, except for providing information to a broad or unspecified audience, may only be carried out by the investment firm itself or its tied agents.

It is crucial that all CIFs take appropriate actions and measures to adhere to the UKNF regulatory obligations.

The Regulatory Compliance team at SALVUS  is ready to guide you effectively in fulfilling your obligations and ensuring compliance with the UKNF requirements.

Contact us at info@salvusfunds.com if you require support or guidance with your regulatory compliance obligations.

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