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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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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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…
Read moreCySec's new rulings on trading bonuses concerning withdrawal conditions, profit made on trading bonuses and the method by which bonuses are explained and provided to clients
Read moreCySec has today issued a consultation paper regarding its proposed rulings on trading bonuses, including investigating an overhaul of withdrawal conditions, and amendment of bonuses without client consent
Read more"To be clear, no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded and its recommendations have been considered" - Jon Pain, Head of Conduct and Regulatory Affairs, RBS
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