All Cypriot financial services companies that meet the new criteria of Significant CIFs need to remuneration committee and a risk committee. These committees should be composed of members of the board of directors who do not perform any executive function in the CIF concerned. The companies are also required to submit their new organisational structure…
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Additionally, CySEC will expand its supervisory team to increase the level and frequency of supervision. Since October 2021, 32 new staff members have joined the regulator, 15 of whom have supervisory duties. CySEC has also adopted Big Data management systems so that the regulator is able to quickly screen big volume of trading activity data…
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Furthermore, Manuela Mazzacco, who is a member of the Board of Directors received a €100,000 fine and a 5 year ban from exercising management functions in any CIFs. Andreas Lianos, who is also on the board, got a €50,000 fine and a 3 year ban. The other board members, including Costas Georgiades, Elena Economides Demetriou…
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CySEC introduced the TPR in December 2020, following Brexit, so that UK companies can continue to offer their services to clients based in Cyprus. The regulator noted that it has received 96 applications to join TPR, of those 88 firms met the requirements. CySEC stated: Amongst the groups of the TPR Entities (the ‘TPR Groups’),…
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B2Broker Group of Companies CEO, Arthur Azizov, commented: We are delighted that B2Prime has secured CySEC approval. The licence gives us the scope to provide institutional grade liquidity to clients in over 30 countries. Meanwhile, our clients will be able to benefit from an enhanced level of protection, safe in the knowledge that they have…
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The Cyprus regulator has decided to lift the suspension on 2 November, noting that the company has satisfied the compliance requirements under the relevant provision of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) 600/2014. Depaho’s licence was initially suspended by CySEC in July this year. The suspension…
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However, the company is allowed to complete its own transactions or clients’ which occurred before the suspension, following client instructions. Depaho is also allowed to return funds and financial instruments, attributable to its clients. When CySEC initially suspended its licence,the regulator set a two-week deadline for Depaho to take actions to comply with the legal…
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CySEC stated: The Board of the Cyprus Securities and Exchange Commission (CySEC) wishes to inform the public that, at its meeting held on the 5th April 2021, decided to impose an administrative fine of €40.000 to CIF London Capital Group (Cyprus) Ltd (the ‘Company’) for non-compliance with article 16(2) of Regulation (EU) 596/2014 on market…
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CySECr also pointed out that all the announcements on the imposter website are only until October 2020 and the real CySEC website has announcements up until this month, August 2021. CySEC urged the public to be very careful and ensure they are using the official website, especially when payments for exams or other purposes through…
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During the suspension, Depaho is not allowed to conduct investment activities and provide investment services or advertise itself as a provider of such services. CySEC noted that the company is allowed to complete its own transactions and clients’ transaction which are before it, following client instructions and “return all funds and financial instruments which are…
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