CySEC announces withdrawal of ICF membership of three firms LeapRate

March 20, 2023 BY Steffy Bogdanova

CySEC announces withdrawal of ICF membership of three firms

Retail brokerage operator F1Markets withdrew its licence in December last year and it was confirmed by CySEC earlier last month. 1Markets had several brokerage brands under its operation, such as Investous, 24CM, and EuroPrime, but its operations were not without controversy. The company faced multiple compliance lapses and enforcement actions. In August of last year,…

March 15, 2023 BY Steffy Bogdanova

CySEC reports 4% increase to 837 in regulated entities and imposing €2.9 million Fines in 2022

The Chairman of CySEC, Dr George Theocharides, announced that the supervisory role will be expanded to include European Crowdfunding Service Providers (ECSPs) and Providers of Pan-European Personal Pension products (PEPP). The regulator also plans a technological upgrade in 2023 and an increased focus on investor education, including the establishment of an annual award for two…

October 20, 2022 BY Steffy Bogdanova

CySEC initiates ICF compensation for Maxigrid clients

Under the ICF, clients of locally regulated financial services companies have protection from CySEC of up to €20,000, in case of the financial services company becomes bankrupt or is unable to return customer deposits. Maxigrid background The company ran its business from Cyprus after it secured a Cyprus Investment Firm (CIF) license in 2011. That…

April 12, 2017 BY Valentina Kirilova

CySEC suggests possible Brexit impact on the activities and services of Cyprus Investment Firms

The Cyprus Securities and Exchange Commission (CySEC) requested the Cyprus Investment Firms (CIFs) to report to CySEC on the likely implications that Brexit will have on their activities and services, including any suggestions for adopting immediate measures to eliminate their respective impact. CIFs are therefore advised to look at their business model structure, services and…

February 13, 2017 BY Valentina Kirilova

CySEC beefs up Binary Options brokerage rules including 5-minute minimum and lifting restrictions on exiting trades

The Cyprus Securities and Exchange Commission (CySEC) has today published a consultation paper regarding its proposed reforms to the regulatory framework governing the provision of investment services in binary options by firms under its supervision (CIFs). CySEC proposes five fundamental reforms to eliminate deficiencies in the existing regulatory framework for binary options, and establish new,…

February 02, 2017 BY Valentina Kirilova

CySEC issues new rules for Forex broker sales and marketing practices

LeapRate Exclusive... 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…

January 31, 2017 BY Valentina Kirilova

CySEC requests data on trades from CIFs ahead of MiFID II 2018 implementation

The Cyprus Securities and Exchange Commission (CySEC) just informed the Cyprus Investment Firms (CIFs) that the Directive 2014/65/EU on markets in financial instruments (MiFID II) and the Regulation 600/2014 on markets in financial instruments (MiFIR) which will apply on the 3rd of January 2018, bring a number of changes in the scope of the financial…

October 11, 2016 BY Valentina Kirilova

CySEC announces a change in the treatment of the Investors Compensation Fund Contribution

The Cyprus Securities and Exchange Commission ( CySEC) has informed the Cyprus Investment Firms (CIFs) about the following: According to the Investment Services and Activities and Regulated Markets Law CIFs are obliged to be members of, and contribute to, the Investors Compensation Fund (ICF). By now for capital adequacy purposes, the ICF contribution has been categorised as an…

Tag: CIFs