CySEC Calls for Views on Establishing a Regulatory Sandbox

The Cyprus Securities and Exchange Commission (CySEC) announced on Wednesday that it is currently seeking feedback to expand its innovation-related work. That is why the regulator launched cal for views on establishing a regulatory sandbox.

That said, the Cypriot authority would like to assess how innovators could test new products and services. Strong partnerships within the innovation system are critical. Regulated entities and other Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term or Regtech companies, as well as professional associations from Cyprus and abroad, are among the stakeholders invited by 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 to participate in this call for views,” CySEC noted.

Founded in October 2018, CySEC’s Innovation Hub has supported innovative businesses and participants in the market since its inception.

In addition to providing participants with a better understanding of applicable regulations and compliance requirements, the Innovation Hub has engaged with independent financial technology providers to meet CySEC’s commitment to protecting investors.

CySEC opened the registration to participate in the call for views on establishing a regulatory sandbox by 28 March via email.

“Digital technologies have re-shaped the landscape in which regulated entities operate. The challenge for regulators is to keep pace with these rapid changes so that the benefits provided by new and emerging technologies are unlocked, while ensuring that there are adequate systems, controls, policies and procedures in place to minimize the risks they present,” the Cypriot regulator added.

CySEC and ESMA

Recently, CySEC issued a statement about the European Securities and Markets Authority (ESMA) recommendations on cross-border activities supervision. In the area of cross-border activities, the EU supervisor reviewed the supervision of six National Competent Authorities (NCAs). They are the financial market regulators in the Netherlands, Germany, Czech Republic, Luxembourg, Cyprus and Malta.

Moreover, CySEC, which oversees the financial services companies in Cyprus, was provided with two recommendations by the EU regulator. NCAs are the first to receive ESMA’s Article 16 recommendations.