Impact of Swiss franc on business

THE SECURITIES and Exchange Commission (CySEC) has “urgently requested” from investment firms to report any problems from the Swiss National Bank’s recent decision to scrap the minimum exchange rate with the euro.

The surprise decision led to a sharp revaluation of the Swiss franc.

In a circular to investment companies on Friday, the CySEC has asked them to respond by Tuesday whether the move has impacted their business in any way, or their clients’ funds.

If there was an impact, CySEC said companies must provide a detailed analysis and the measures they were putting in place to rectify the problem.

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.