Playtech Gets CySEC Approval for Plus500 Acquisition, FCA Still Pending

The company making rounds with its acquisitions earlier this year, Playtech PLC (LON:PTEC), issued an announcement updating the public on the regulatory status of its purchases of Ava Trade and Plus500.

Earlier this year, Playtech announced multiple deals making the company the biggest acquirer of new business in the industry in 2015. The company has purchased several Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs brokers, including the notoriously famous Plus500 Ltd, Ava Trade and Markets.com.

Playtech PLC (LON:PTEC) states in a regulatory filing that the company is still in the process of obtaining the necessary regulatory permissions to close the deal with Plus500. As part of the process, two European regulatory bodies need to address the matter.

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) has already given the green light for the Plus500 deal, while the U.K. Financial Conduct Authority (FCA) is still taking its time. According to the official announcement made by Playtech PLC (LON:PTEC), the U.K. regulator is taking longer than usual due to the high profile of the deal.

Nevertheless, the company does not expect to face any legal hurdles with the acquisition which should be concluded before the end of November, if not earlier. According to Playtech's Board of Directors,Playtech PLC (LON:PTEC), no regulatory hurdles are foreseen for completion of the acquisition of Plus500.

The boards of both companies stated that a delay in receiving regulatory status was not anticipated, but at the same time they downplayed any concerns, since the term is still within the relevant regulatory and statutory timetables. In addition, Playtech's board shared that the firm has already received approval from the CySEC.

Looking at another high-profile acquisition in the industry, the Ava Trade deal is expected to be completed before the end of September or early in October, which is close to the company's initial expectations.