Exclusive: CySEC Head Meets Israeli Watchdog Chairman in Cyprus

An interesting meeting occurred today in Cyprus. The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) head Ms. Demetra Kalgerou met her Israeli counterpart Prof. Shmuel Hauser, the Israeli Securities Authority (ISA) chairman. Finance Magnates has learned about the meeting from multiple sources close to the matter.

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The ISA has confirmed that Prof. Hauser flew this morning (Wednesday) to meet Kalgerou. Finance Magnates reached out to CySEC for comment but it has yet to respond. Details of the subject of discussion between the two are yet to be disclosed. We will update our readership once more information is brought to our knowledge.

Prof. Hauser and Ms. Kalgerou have similar responsibilities in their respective jurisdictions, and their actions could dramatically affect the Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term industry. One is attempting to smoke out binary options providers from his country, the other is trying to tame and regulate the firms.

Recently the ISA has heightened pressure on binary options providers targeting foreign citizens after banning the practice for Israeli firms last March. Last week Prof. Hauser revealed in the Israeli parliament that a draft for a ban on marketing binary options abroad is expected soon. We can reasonably assume that this topic is one of the reasons for the meeting, since many of the companies that the ISA is dealing with are licensed by CySEC.

In an exclusive interview that Finance Magnates published last May, the CySEC head hinted that she’s on board with the ISA's tougher approach: “Based on CySEC’s experience so far and having identified deficiencies in the monitoring of these call centers, CySEC is considering to require the CIFs to only perform these activities internally from their offices in Cyprus or only through a branch, tied agent or regulated entity based in another jurisdiction. It is provided that all sales people will be well trained and pass CySEC’s exams.”