Legislation regulating financial activity

In Cyprus there are laws about financial activities. The aim of these Laws are to regulate activity in the financial market reflecting interests of local and foreign investors. The Laws also define the power of the Central Bank of Cyprus, which is an organ giving permission and controlling companies’ activity.
According to these Laws, the companies that have already started their activity, must re-register.
Their applications must be done during 6 months after the relevant specific Law has come into practice. The applicants may continue their trust activity during the consideration of their application.