CySEC Removes ICF Membership of Five Financial Firms

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for a variety of different functions, which includes the supervision Read this Term) announced on Monday that it has withdrawn the Investors Compensation Fund (ICF) membership of five financial services companies.

According to the note, Deloitte Investment Services Ltd, Rodeler Ltd, Stocks 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 AF Ltd, Optionrally Financial Services Ltd and Globia Wealth Ltd are no longer part of CySEC’s fund. Still, the Cypriot watchdog clarified that the loss of such membership status does not imply the loss of rights of covered clients to receive compensation related to investment operations: “(…) the loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status, if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.”

Such a decision was taken in the wake of the CySEC’s manoeuvre to take down these firms’ Cyprus Investment Firm (CIF) authorization. However, there are no further details regarding such an announcement nor official statements from the affected companies by the mandate set by CySEC.

CySEC Announcements

Recently, the financial watchdog appointed Dr George Theocharides as the regulator’s new Chairman on Wednesday after a decision by the Council of Ministers. He succeeded Demetra Kalogerou as her tenure as the regulatory head came to an end. Moreover, last week, CySEC released a detailed policy statement covering the registration process and operations of the crypto-asset service providers (CASPs).

The ruling pointed out that depending on the structure of the businesses, the crypto assets will either qualify as financial instruments under the Investment Services and Activities and Regulated Markets Law or as Electronic Money under the Electronic Money Law. Additionally, the crypto-assets can be a digital representation of value that is neither issued nor guaranteed by a central bank or a public authority.