Cyprus - CySec Regulation News

FBS to Launch EU Subsidiary, Acquires CySEC License

23 Oct 2017, Limassol, Cyprus - Finance Magnates - Known for its aggressive marketing, FBS is venturing into EU-regulated territory. Veteran brokerage FBS is the latest company to have acquired an EU operating license. The firm has successfully completed its application with the Cyprus Securities and Exchange Commission (CySEC) and is preparing to start operations in the EU market.

CySEC Sets Cryptocurrency Rules

13 Oct 2017, Nicosia, Cyprus - LeapRate - Cyprus financial regulator CySEC has issued a directive outlining its requirements for CIF licensed FX and CFD brokers who offer trading in Bitcoin, Ethereum, and other cryptocurrencies. As the prices of these virtual currencies has soared to all-time highs, trading volumes at FX brokers in all things digital are also climbing and at some brokers becoming a healthy percentage of their overall trading . . .

AJF Financial Services (CapitAlpha) Renounces its CySEC CIF Authorization

3 Oct 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that, on 21st September 2017, the CIF AJF Financial Services Ltd (the 'Company'), which provided investment services via the domains www.alphainvestment.eu, www.direktbroker24. de, www.ondatrade.com, www.tradefinancial.eu, renounced its authorisation, pursuant to section 24(1)(b) of the Investment . . .

New FX broker ProbusFX gets CySEC License

27 Sep 2017, Limassol, Cyprus - LeapRate - The new, stricter rules governing FX and CFD brokers issued by Cyprus financial regulator CySEC late last year do not seem to be deterring a new generation of brokers from setting up shop in the island nation. LeapRate has learned that CySEC has issued a new CIF license to a Lebanon based investor group led by Walid Abousleiman.

CySEC Clarifies Negative Balance Protection Rules for Leveraged FX Trading

18 Sep 2017, Nicosia, Cyprus - LeapRate - CySEC financial regulator CySEC has issued a clarification statement regarding the provision of negative balance protection to clients of FX brokers who utilize leverage in their trading. When CySEC announced back at the end of November which was first exclusively reported at LeapRate a week prior that it was changing the rules for FX and CFD brokers, banning client bonuses and instituting a soft 50x . . .

CySEC Fines Head of UBFS Invest 10 000 Euros

28 Jul 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities and Exchange Commission ('CySEC') would like to inform the public that, at its meeting held on 26 June 2017, decided to impose an administrative fine of 10. 000 to Mr. Charalambos Kiritsis for non compliance paragraph 9(1) of CySEC Directive DI144-2007-01 of 2012 for the Authorisation and Operating Conditions of CIFs ('the Directive') . . .

CySEC Slaps 195k Fine, Ban on Falcon Brokers Limited's Leadership

10 Jul 2017, Nicosia, Cyprus - Finance Magnates - An eighteen month investigation into Falcon Brokers Ltd. has concluded with its harshest penalties to date. The Cyprus Securities and Exchange Commission (CySEC) today concluded an eighteen-month investigation into Falcon Brokers Limited's operations. Consequently, the regulator has levied a 195,000 penalty on the directors of the FX brokerage, also calling for a ban of all integral personnel in . . .

NESSFX Parent Settles Multiple Violations with CySEC for 90,000 Euros

4 Jul 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission (the "CySEC") would like to note the following: CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the . . .

CySEC Concludes Two-year Investigation into CommexFX, Fines 7 Employees 400,000 Euros

8 Jun 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ("CySEC") has today imposed a series of financial penalties on a number of directors and relevant persons of CommexFX Ltd (www.commexfx.com; the "Company"), and has banned multiple key persons of the Company from exercising professional activity related to the financial sector ("regulated activities") for a number of years.

CySEC Urges Brokers with Operations in Spain and Germany to Comply with the Local Regulatory Requirements

18 May 2017, Nicosia, Cyprus - SMN Weekly - The Cyprus Security and Exchange Commission (CySEC) issued several circulars on Wednesday, advising Cyprus Investment Firms (CIFs) who provide financial services in Germany and Spain to consult with their legal advisers in order to ensure compliance with new the regulatory measures introduced by Spanish and German regulators. Under the MiFID regulations every CySEC- regulated investment company is . . .

HiwayFX Owner Lucro Capital Ltd Renounces Cyprus License

18 May 2017, Nicosia, Cyprus - LeapRate - Lucro Capital Ltd, owner of the HiWayFX forex broker operating from the sites www.lucrocapital.eu; www.hiwayfx.eu; www.hiwayfx.com, has renounced its license, the Cyprus Securities and Exchange Commission (CySEC) said. According to the announcement, this happened in the end of April this year. The company has three months to settle and until it does, it remains under the supervision of CySEC. Lucro . . .

CySEC Demands Letter from CIFs Listing in Which Other Countries they Operate

4 May 2017, Nicosia, Cyprus - LeapRate - Cyprus financial regulator CySEC, as part of its crackdown on the operations and business practices of licensed Forex, CFD and Binary Options brokers which operate in the country, has issued a new Circular entitled "Freedom to provide investment and ancillary services and/or perform investment activities in a third country. " . . .

Lebanese Retail Forex Broker BogoFinance gets CySEC CIF License

2 May 2017, Nicosia, Cyprus - LeapRate - It looks like the folks at CySEC have been busy. And, despite CySEC's introduction late last year of more strict rules governing the operations of retail forex brokers e. g. no bonuses, limited leverage, call center location… the desire for brokers to become licensed in the EU via Cyprus remains in high demand. After our exclusive report last week that China-focused MT4 broker FX88.com had been issued a . . .

Tradeo and Parent Company UR Trade Fix Ltd Fined 20,000 Euros by CySEC

24 Apr 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities and Exchange Commission ('CySEC') wishes to inform investors that, at the meeting held on March 13th, 2017, decided to impose an administrative fine of 20. 000 to the CIF UR Trade Fix Ltd ('the Company') for noncompliancewith section 6(8) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time . . .

CySEC Requires more Disclosure from Forex Brokers on Customer Complaints

12 Apr 2017, Nicosia, Cyprus - LeapRate - Cyprus financial regulator CySEC has announced new disclosure requirements targeted at CIF licensed Forex and Binary Options brokers regarding customer complaints. In its efforts to clean up the sector and beef up its image, dealing promptly and effectively with customer complaints seems to be one of the regulator's main focal points. While CySEC has already required periodic CIF disclosure on customer . . .

CySec Withdraws the Suspension of Traders Trust License

3 Apr 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission, further to its Decision published on 31st March 2017, informs the public that, at its meeting dated 3 April 2017, decided to withdraw the suspension of the authorisation of the Cyprus Investment Firm TTCM Traders Trust Capital Markets Ltd ('the Company'), number 107/09, pursuant to section 26(4)(a) of the Investment . . .

Traders Trust License Suspended by CySec

31 Mar 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that, following a decision in the meeting dated 13. 3. 2017, the authorisation of the Cyprus Investment Firm TTCM Traders Trust Capital Markets Ltd ('the Company'), number 107/09, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in . . .

HYCM Seals European Presence with CySEC Regulation

31 Mar 2017, Limassol, Cyprus - AtoZ Forex - HYCM The FCA-regulated global leader in online capital markets trading, has confirmed that its Cyprus-based entity HYCM Europe is licenced and regulated by the Cyprus Securities and Exchange Commission (CySEC). The new status is now reflected on the company website.

EU Institutions in Catch 22 Regarding IronFX Case

24 Mar 2017, Nicosia, Cyprus - Finance Magnates - The European bureaucratic machine proves unable to protect retail clients. It's been more than three years since the first signs of trouble emerged for clients of one particular retail brokerage in Cyprus IronFX. The company's clients have been all over the news and social media in China, Europe and Latin America, demanding justice and a repayment of their withdrawals. In the meantime the Audit . . .

CySEC Suspends License of Forex Broker BoursePro

17 Mar 2017, Nicosia, Cyprus - LeapRate - Cyprus financial regulator ended the week by issuing a temporary suspension of the CIF license of forex and binary options brokerage group Boursotrade Ltd. Boursotrade operates several brands including BourseBinary (binary options) and BoursePro (retail forex). CySEC's stated reasons for the suspension included non-compliance with:Persons who effectively direct the business of a CIF, andCapital adequacy . . .

CySec Withdraws the CIF License of ACFX

15 Mar 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that, on its meeting of 13th February 2017, has decided, pursuant to sections 25(1), paragraphs (b) and (c), and 26(4)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force ('the Law'), to wholly withdraw the Cyprus Investment Firm authorization with number CIF . . .

CySEC Slaps 64,000 Euros Fine on PriorFX for Multiple Charges

23 Feb 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities and Exchange Commission (CySEC) would like to inform the public that, at the meeting held on 23 January 2017, has decided to impose atotal administrative fine of 63. 000 to CIF PriorFX Ltd for non compliance with the following: Section 28(1) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended . . .

FXTM Halves Max Leverage to 500:1 on Back of CySEC Limitations

16 Feb 2017, Limassol, Cyprus - SMN Weekly - Cyprus-regulated forex broker ForexTime, or FXTM, said it has halved the maximum leverage rate it offers for forex instruments to 500:1 from 1,000:1. The move is necessary due to the recent regulatory amendments adopted by the Cyprus Securities and Exchange Commission (CySEC), which supervises the broker. Conditions for clinets' accounts have already been altered to meet the new constraints. Non-forex . . .

CySEC Issues New Rules for Forex Broker Sales and Marketing Practices

2 Feb 2017, Nicosia, Cyprus - LeapRate - Cyprus financial regulator CySEC has just taken its next swing at cleaning up the regulated Retail Forex, CFDs, and Binary Options brokerage sectors. After late last year instructing brokers to stop using deposit bonus promotions and to limit leverage to 50x (for all but expert traders), LeapRate has learned that CySEC has sent a new circular signed by CySEC Chair Demetra Kalogerou (see full text below) to . . .

Alfa-Forex Sets New Default Leverage in Line with CySEC Rules

1 Feb 2017, Nicosia, Cyprus - SMN Weekly - Cyprus-based forex broker Alfa-Forex has started offering a new leverage cap and is performing appropriateness test to assess whether traders should get the cap for experienced or novice traders. With the changes, the broker aims to meet the most recent rules of its home regulator, the Cyprus Securities and Exchange Commission (CySEC). Last year, the CySEC altered forex and binary option regulations, . . .

New CySEC Regulations Force Exness to Limit 'Unlimited' Leverage to 1:200

27 Jan 2017, Limassol, Cyprus - Finance Magnates - Client protection takes center stage as the unlimited leverage that the brokerage was offering is restricted. The Cyprus Securities and Exchange Commission (CySEC) is taking substantial steps to increase client protection with its new regulations. The regulator is set to introduce a new set of requirements that limit the maximum available leverage to clients to 1:200 for experienced traders and . . .

CySEC Issues 150,000 Fine to BDSwiss Holding Ltd

23 Jan 2017, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ("CySEC") would like to note the following: CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the . . .

Forex Broker Grand Capital Planning to Apply for CySEC License in 2017

3 Jan 2017, St Petersburg, Russia - LeapRate - LeapRate has learned that unregulated Retail Forex and Binary Options broker Grand Capital is preparing its application to receive a CySEC license from Cyprus regulator CySEC early this year. St Petersburg, Russia based Grand Capital is incorporated offshore in Seychelles. The company, founded and still run by online entrepreneur Stanislav Vaneev, has been around for about 10 years, and has grown to . . .

Colmex Pro Fined 100,000 by CySEC for Non-Compliance Issues

27 Dec 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities and Exchange Commission (CySEC) would like to inform the public that, at the meeting held on 28 November 2016, it decided to impose a total administrative fine of 100. 000 to CIF Colmex Pro Ltd for non compliance with the following: Section 28(1) of the Investment Services and Activities and Regulated Markets Law of 2007, as . . .

Cyprus' CySEC Seeks to Withdraw CIF License of Forex broker BCFX Broker

20 Dec 2016, Nicosia, Cyprus - SMN Weekly - The Cyprus Securities and Exchange Commission (CySEC) said on Tuesday it has commenced proceedings for the possible withdrawal of the Cypriot Investment Firm (CIF) license of forex brokerage Best Choice FBC Ltd. , doing business as BCFX Broker. The regulator has also extended BCFX Broker's license suspension for the second time. The decision was announced on Thursday, but was adopted on 28 November, 2016.

CySEC Withdraws License of Retail Forex Broker UBFS Invest

13 Dec 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that, on its meeting of 28th November 2016, has decided, pursuant to sections 25(1)(b), 25(1)(c) and 26(4)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force ('the Law'), to wholly withdraw the Cyprus Investment Firm authorization with number 239/14 of UBFS Invest . . .

CySEC Mandates Default Leverage 1:50 for Forex and CFDs, Kills Bonuses

30 Nov 2016, Nicosia, Cyprus - Finance Magnates - Companies will be able to offer higher leverage if their clients ask for it, suitability test required. The Cyprus Securities and Exchange Commission today issued a new circular that is introducing some changes to some key broker regulations. The financial watchdog is introducing some changes in line with the latest update to the European Securities Markets Authority (ESMA) Q&A relating to the . . .

Retail Forex Broker FXFINPRO has CIF License Suspended by CySEC

24 Nov 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission ('CySEC') announces that the authorisation of the Cyprus Investment Firm 'PFX Financial Professionals Ltd' ('the Company'), with number 193/13, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force ('the Law'), as there are suspicions of an alleged . . .

CySEC Close to Issuing Ban on Retail Forex Deposit Bonuses

22 Nov 2016, Nicosia, Cyprus - LeapRate - LeapRate has learned from people close to the situation that Cyprus financial regulator CySEC is getting set to issue directives which would ban entirely the issuing of bonuses to retail traders. We also understand that CySEC, in the same decision or separately, may also limit leverage allowed to be provided to retail traders by CIF licensed brokers, possibly to as low as 50:1. However we understand that . . .

Failed Broker Falcon Broker's Clients Receive Compensation from CySEC ICF

1 Nov 2016, Nicosia, Cyprus - AtoZ Forex - The Cyprus Securities and Exchange commission (CySEC) has announced that the CySEC board has decided to initiate the compensation payment process by the Investor Compensation Fund for Clients of the Investment Firms (IFs). To be more specific, the Cypriot regulator has published an announcement, suggesting the clients of failed brokerage firm Falcon Brokers to submit their compensation applications. As a . . .

CySEC Grants License to Australian Forex Broker Royal Financial Trading

13 Sep 2016, Nicosia, Cyprus - SMN Weekly - The Cyprus Securities and Exchange Commission (CySEC) continues with the publication of its board decisions granting Cyprus investment licenses to new forex brokers by adding Royal Financial Trading to the list. The decision was taken in August and permits the company to provide investment services such as reception and transmission of orders in relation to one or more financial instruments, execution . . .

SkyFX and Capital Option Shut Down, CySEC Appoints Liquidator

2 Sep 2016, Limassol, Cyprus - LeapRate - LeapRate has learned that Cyprus financial regulator CySEC has arranged for the appointment of a provisional liquidator for Trademarker (Cyprus) Ltd. Trademarker was an Israel-owned and operated CySEC-regulated brokerage group, which operated a number of Retail Forex and Binary Options brokerage brands, primarily SkyFX (at skyfx.com) and Capital Option (at capitaloption.com). CySEC had suspended . . .

Social Trading Broker TG Traderglobal gets CySEC License

30 Aug 2016, Nicosia, Cyprus - SMN Weekly - The Cyprus Securities and Exchange Commission (CySEC) said on Tuesday it has granted a Cypriot investment firm (CIF) license to TG Traderglobal Ltd. , a forex social trading platform operator. The license was obtained on 5 August, 2016, as is currently not activated. CySEC licenses are initially non-active, which means that licensees are not allowed to provide the services for which they have received it.

HotForex Fined 105,000 Euros by CySec for Multiple Violations

19 Aug 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Board of the Cyprus Securities and Exchange Commission (the 'CySEC') wishes to inform investors that, at its meeting held on January 18, 2016, decided to impose a total administrative fine of 105. 000 to the CIF HF Markets (Europe) Ltd ('the Company') for noncompliance with the following legislation: the Investment Services and Activities and Regulated . . .

CySEC Suspends License of Best Choice FBC Ltd (BCFX)

9 Aug 2016, Nicosia, Cyprus - Cyprus Securities and Exchange Commission - The Cyprus Securities and Exchange Commission announces that, following a decision at the meeting dated 25 July 2016, the authorisation of the Cyprus Investment Firm Best Choice FBC Ltd, with number 234/14, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force ('the Law'), as there are suspicions . . .

MyFXBook CySEC License Renounced

12 Jul 2016, Nicosia, Cyprus - AtoZ Forex - The Cyprus Securities and Exchange Commission (CySEC) states its mission as effectively supervising a healthy development of the financial market and investor protection in Cyprus. One of the activities related to that is ensuring that the Cyprus Investment Firms (CIFs) comply with the regulations. Recently, the regulator announced the MyFXBook CySEC license renounced as it was not used during 12 months . . .

CySEC Guides Brokers to Do Due Diligence when Selecting Liquidity Providers

30 Jun 2016, Nicosia, Cyprus - Finance Magnates - CySEC's move coincides with the timing of a number of regulated brokers losing money with Fortress Prime. CySEC has just published its fifth consultation paper for the year when it comes to regulating the activities of Cyprus Investment Firms. The Cypriot watchdog has turned its sights towards liquidity providers (LPs) and more specifically towards the ways which brokers use to conduct their due diligence.