Following Stage 1 which is the New License Application, Stage 2, the Activation of the License is the next step to follow. Upon submission of the Stage 1 application package, CySEC examines the application and approves a conditional licence, given that all clarifications are provide as needed and applicable on a case by case. A thorough preparation and planning must be done prior to submission of Stage 1 in order to avoid delays and complications with inquiries from CySEC side.
Activation the License is usually the hard part. The Conditional License is standard procedure and it usually contain general conditions as well as more specific to the CIF in case the structure or Business Plan indicate the need for specific actions. Nevertheless, the CIF will be given a deadline to comply with all conditions and provide evidence to CySEC. Following the provision of evidence, CySEC announces its on-sight inspection which will determine the fate of the CIF’s License.
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