Cyprus financial regulator CySEC has issued a note to all regulated entities on the island, asking them to report the effect of post-Brexit vote trading. The note, signed by CySEC Chairman Demetra Kalogerou (pictured above), asks all CIF regulated entities to report the amount of their own funds, and their capital adequacy ratio to CySEC. It…
Read moreCyprus financial regulator CySEC has issued a directive regarding remuneration policies and practices at CIF licensed companies, which include the many regulated retail forex and binary options brokers on the island. While not directing an outright ban on such practices, CySEC stated that certain types of remuneration seem to create a conflict of interest with clients,…
Read moreToday the International Financial Services Commission of Belize (IFSC) whom regulates many Forex brokers and international financial firms, notified that an entity calling itself ‘Profitable FX EA’ is falsely and fraudulently representing that it is licensed by the International Financial Services Commission of Belize. You can see the fake license emanating from their website below. The website also claims this…
Read moreCyprus financial regular CySEC has issued a warning regarding individuals impersonating CySEC officers, looking to trick investors into paying them money. Following up on an earlier similar warning we reported on at the end of last year, CySEC would like to inform investors and the general public that it has come to its attention that its logo,…
Read moreThe Cyprus Securities and Exchange Commission (CySEC) today announced that, on 23rd May 2016, Forex broker CIF Vinson Financial Ltd, which provided investment services via the domain vinsonfinancials.com, renounced its authorization pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’). Therefore, the authorization with Νumber 184/12 lapsed as from the abovementioned date. It is noted that, in accordance with section…
Read moreFollowing our earlier coverage that Cyprus financial regulator CySEC had instructed all regulated companies on the island to investigate any links to Mossack Fonseca, CySEC has now announced that following its review it believes that 63 regulated entities had and/or have a business relationship with Mossack Fonseca and/or with persons included in the Panama Papers. CySEC has collected data from…
Read moreThe Cyprus Securities and Exchange Commission (CySEC) announced today that on its meeting of 25th April 2016, has decided, pursuant to sections 25(1)(b),(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 151/11 of Trademarker…
Read moreLeapRate Exclusive... LeapRate has learned that the once-bustling offices of retail forex broker ACFX have been sitting empty now for more than a month, with some clients claiming that they have been unable to withdraw funds from their accounts over the past few weeks. For visitors to the Forex hotbed of Limassol, Cyprus, ACFX's offices…
Read moreFurther to our earlier report whereby CySEC ordered all regulated CIF firms to investigate any links to Mossack Fonseca, a Directive has been issued by Cyprus' anti money laundering unit MOKAS, clarifying Regulated Entities’ reporting obligations in relation to the publicly available list of persons which are included into the documents of Mossack Fonseca, referred to commonly as the…
Read moreFurther to our earlier report whereby CySEC ordered all regulated CIF firms to investigate any links to Mossack Fonseca, a Directive has been issued by Cyprus' anti money laundering unit MOKAS, clarifying Regulated Entities’ reporting obligations in relation to the publicly available list of persons which are included into the documents of Mossack Fonseca, referred to commonly as the…
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