cysec

May 10

Cysec

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CySEC officials have not chosen to sit on their hands at this juncture. There has been a flurry of activity of late from fining offenders to distributing additional guidelines that must be enacted by the brokerage community post haste. If many firms had underestimated the will of the CySEC Chairperson, Demetra Kalogerou, who could easily pose as a poster model for a Greek Tourist Bureau, then they have quickly recognized that they are de



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Looking for a Cyprus Based Broker? Learn About CySEC Regulated Brokers

Cyprus has become a very popular location for financial service companies, due, in no small part, to its low levels of taxation and easy entry requirements. There are actually more Forex brokers with a base in Cyprus than any other jurisdiction. CySEC stands for Cyprus Securities and Exchange Commission, which is the body charged with the regulation of financial services in Cyprus, and the popularity of this location means it’s definitely got its work cut out. Nevertheless, it manages to do a more than reasonable job and we’ll give you all the pertinent details should you be looking to invest with one of the many CySEC Forex brokers.

A brief introduction to CySEC

When Cyprus became a European Union member country in 2004 CySEC became part of the European MiFID regulation. But CySEC was actually launched in 2001 with the following aims:

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Before 2004, Cyprus-based Forex brokers were only authorized to operate in their own country, but following the entry of Cyprus into the EU they were able to expand their operations across all European countries. These Cyprus-based Forex brokers weren’t subject to the stringent requirements of other European regulatory bodies but still qualified to operate freely in all EU member countries under MiFID.

CySEC introduced a number of guidelines to preserve investor confidence and protect the good nature of the Forex market.

CySEC Forex brokers have to follow certain guidelines

We haven’t got enough room to give you all the specifics of the relevant guidelines, but we can give you a few examples.

Any Forex broker regulated by CySEC found not complying with these and any other requirements will be severely punished.

How to assess the standing of CySEC Forex brokers

CySEC has tried very hard to keep on top of brokerage operations, but Cyprus has nevertheless become a haven for scam brokerage firms. More recently, however, CySEC has upped its game and now comes down heavily on any offenders. One recent improvement has been the development of a register that lists all investment firms with a good reputation with CySEC. As well as those who are not fairing so well.

The list is easily accessed via the website of CySEC. A number of details are included in the list for each CySEC licensed Forex broker. These include the broker’s address, license number, registration number, telephone, and fax numbers. Any Forex brokers regulated by CySEC are required to state their five-digit license number on their website. And we would advise anyone considering a particular regulated broker to confirm the license information through the official CySEC channels. We will, of course, be mentioning whether a broker is licensed and regulated by CySEC when sharing our Forex brokers reviews, but it is also advisable to check for yourself. And if you find yourself confused in any way then don’t hesitate to contact CySEC for more information or clarification.

CySEC has received a lot of bad press but things are improving

There are a number of other regulatory bodies that will happily criticize the way in which CySEC works. This could be in relation to the non-compliance fines being on the small size, or the fact that a number of companies have escaped infringements with just a rap on their knuckles. We feel that a lot of the bad press is unjustified. After all, MiFID constantly oversees the operations of CySEC and ensure regulatory guidelines are regularly updated and improved to bring any Cyprus-based firms into line with standard industry practices.

CySEC may still have a way to go to catch up with more reputable regulatory bodies such as the FCA in the UK, and the CFTC in the USA, but it is still one of the most popular bodies and has managed to achieve a significant rate of growth. And many new Forex companies still prefer CySEC because it is still seen as relatively easy to become licensed and has far fewer formalities. Despite this, CySEC is still looking to improve its operations in the hope that it will be taken more seriously.

On a final note, there is one downside to choosing a CySEC regulated broker. Currently, there is no line of communication with regards investor complaints. Unlike the NFA or CFTC, any complaints a trader might have will have to be directed to the broker. This means a lengthy wait while the broker considers the issue and no real certainty it will be resolved. However, CySEC does advise clients to contact the Financial Ombudsman or the Court as a last resort, should they be unhappy with the broker’s decision. The Commission’s aim is to regulate financial markets and supervise the conduct of various financial organizations that operate out of Cyprus. But is not prepared to deal directly with any complaints or offer resolution or arbitration services. This is not a good thing, and isn’t doing CySEC any favors in the eyes of other regulatory bodies or investors. But hopefully, it will eventually change for the better.

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Source: http://www.forexbrokersreviews.com/cysec-regulated/


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