CySEC Execution of MiFID Good Practices Deficient, Determines ESMA

The European Securities and Markets Authority (ESMA) recently published a report regarding the implementation of MiFID, in which it concluded that 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’s addressing of its deficiencies in regulation were not up to the France-based organization’s standards. ESMA did acknowledge that CySEC has made significant changes to its regulatory practices since the first review came out about four years ago.

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In 2014, ESMA published a review which showed that overall there was a high degree of compliance with the regulator’s ordered practices regarding organization, monitoring of activities, supervision, thematic work, and treatment of complaints. Several of the National Competent Authorities (NCAs) did well in addressing their deficiencies, such as Malta, Lithuania, Latvia, Portugal, Poland, and Romania. Cyprus, however, was among the ten NCAs which did not address their deficiencies to a satisfactory level.

ESMA expressed confidence that Cyprus... will soon address its remaining deficiencies.

ESMA expressed confidence that Cyprus, among the other ten NCAs dealing with similar issues, will soon address these deficiencies. The due date is expected to be no later than January 3, 2018, when the new MiFID2/MiFIR regime will come into force.

ESMA Follow-Up Plans

ESMA said that it will continue to check up on the progress that NCAs make in implementing the peer review's recommendations. An additional goal will be to foster supervisory dialogue on MiFID, clear, fair, and honest information that is given to clients, as well as on business conduct in general.

In March, Finance Magnates covered ESMA's reporting of an increase in the total number of client complaints made in the first half of 2016. 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 related complaints, however, decreased.