CySEC Urges Regulated Companies to Address MiFID II and MiFIR

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) issued a new announcement to highlight the implementation of upcoming MiFID II and MiFIR regulatory frameworks. All companies that are regulated in the country should take appropriate action to adjust their offerings in line with a vast new set of requirements that are coming into force EU-wide on the 3rd of January 2018.

MiFID II provisions are set to be incorporated into Cypriot national law by the 3rd of July 2017. MiFIR will be directly applicable starting from the first working day of 2018.

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CySEC is highlighting several aspects of the new European regulatory frameworks that will affect a number of companies on the island. Authorization requirements for Cyprus Investment Firms (CIFs) will change starting from next year.

Key Changes Highlighted by CySEC

There are a number of companies that are going to be affected by the changes introduced under MiFID. Those include CIFs that will need to extend their authorization in order to comply with new investment activities and/or cover new financial instruments that are available for trading.

Firms that have been previously exempted from MiFID and persons engaged in high-frequency trading will also fall within the scope of the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. Some businesses and entities that are unauthorized will need to become regulated under MiFID II.

CySEC has outlined in detail a number of publications by the European Commission that should provide additional clarity to compliance departments. The Cypriot regulator has also published a special email address for firms that are requiring additional clarifications related to the authorization process: mifidii.authorizations@cysec.gov.cy.

The document which we are providing below is not exhaustive and compliance departments of Cyprus-regulated companies will need to carefully assess their particular status. Among many updates, CySEC is highlighting changes to Organized Trading Facilities (OTFs), companies that are providing investment advice, underwriting and/or placing.

Big changes to outsourcing rules, record keeping, safeguarding of client assets and safeguarding of client assets are also a notable change under MiFID II.

Announcement MiFID II Main Changes for Authorisations Signed by TorVik on Scribd