Cyprus financial regulator CySEC has issued a clarification circular (see full text below) following numerous inquiries it received in the wake of ESMA's plans to move forward with new, restrictive rules governing online brokers. ESMA's new rules - finalized in late March and set (just as of last week) to come into effect in two…
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Continuing our series of different viewpoints of industry experts on the CySEC bonus ban, we present today's guest post courtesy of Yael Warman from Leverate. During the past year, CySec hasn’t been shy about becoming a stricter regulator and changing its image of a once-lax regulatory body for one of a reputable, don’t-mess-with-us regulator. We have…
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It was a week of sector-changing Forex Industry News. And as usual, you read about it exclusively or first at LeapRate. There were plentiful interesting stories we covered, but they all took a back seat to Cyprus regulator CySEC's ban on bonuses, reported first at LeapRate, as well as changes to trading leverage and client…
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Continuing to bring our readers different viewpoints of industry experts on the CySEC bonus ban, we present today's guest post courtesy of Konstantin Rabin, CEO at eFXto. While some people may assume that the most recent update from CySEC is horrifying, I actually feel that it is deadly. Not for the brokers though, but for…
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CFD broker Plus500 Ltd (LON:PLUS) issued a statement on Thursday, after its shares fell by nearly 18% during the day's trading session on the London Stock Exchange. LeapRate spoke with several London City traders, who indicated that speculation was that Plus500 and other retail forex brokers with Cyprus ties could be hurt by Cypriot regulator…
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LeapRate broke the story of CySEC's plan to ban bonus schemes provided as enticements to retail traders more than a week ago. When CySEC formally announced their plans yesterday, which also covers leverage limits and withdrawal procedures, initial industry reaction was swift. Although different constituencies had different opinions, one thing was clear - this is going…
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LeapRate Exclusive... Confirming LeapRate's earlier exclusive story that Cyprus financial regulator CySEC was preparing to ban the use of deposit bonuses (and other retention bonus schemes) for retail traders, CySEC today issued a circular to all CIF regulated brokers on the island clarifying their position. In the circular (full text below), CySEC states: CIFs must…
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Forex Industry News this week once again included a number of exclusive posts seen only at LeapRate on regulator actions (a coming deposit bonus ban by CySEC), and key changes at leading FCA regulated brokers - auditor resignation at ADS Securities, LCG repricing management shares and options... Our most popular guest post this week was on…
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LeapRate Exclusive... 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…
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