Registered forex brokers in cyprus
CySEC is the regulatory body that regulates financial services in Cyprus. At the time of this writing there are over 40 Forex Brokers in Cyprus, registered forex brokers in cyprus is probably more forex brokers than any other jurisdiction, and CySEC is responsible for regulating those brokers.
The main duties and responsibilities of the CySEC are outlined in Article 25 of the Law which regulates organization, powers and duties of the Security and Exchange Commission. Cyprus is notorious for its many scams in brokerage firm operations, but CySEC is putting in a good effort to stop the scammers.
This allows you to quickly determine which Cyprus Forex brokers can be trusted and which ones registered forex brokers in cyprus avoid. The list includes the address, phone and fax, registration and license number of each Forex Broker. All CySEC Regulated Forex Brokers must adhere to certain guidelines in order to help to protect investors and preserver the legitimacy of the foreign registered forex brokers in cyprus market. The following is a short list of some of these guidelines:.
There are certain exemptions to this rule, such as those Forex Brokers who are already member of the European system of Central Banks registered forex brokers in cyprus other national bodies who perform registered forex brokers in cyprus functions. A few of these requirements are as follows:. If a broker does not meet these guidelines any currently held license will be revoked and CySEC will list these brokers on their list of non-regulated Forex Brokers and will issue a warning such as in the following example:.
No notification has been received by a competent authority of another Member State, pursuant to sections 77 and 80 of the above mentioned Law. CySEC is responsible for the administration of foreign exchange tasks and registered forex brokers in cyprus service operations in order to confirm and validate complete compliance with all relevant legislation and includes the following bodies or entities:.
If you are planning on using a Cyprus based Forex broker, you will find the CySEC website an invaluable aide in helping you to choose the best broker and avoiding the shady brokers and scam artists. The board of CySEC, charged with administration and regulation of the Forex Market, are appointed by the Council of Ministers at the proposal of the Minister registered forex brokers in cyprus Finance to a five year term, which is renewable.
Why is CySEC so important? A summary of these duties would include but are not limited to: Examining all applications and granting or revoking operating licenses to Forex Brokerage Firms under their direct supervision. Regulation of Cyprus Stock Registered forex brokers in cyprus and all organized markets in Cyprus and supervision of any and all transactions done in these markets.
Regulation of any agency under its direct supervision, ensuring compliance with governing laws. Carrying out all necessary investigations in consideration of the exercise of its duties according to current law and on behalf of acknowledged foreign exchange authorities. Imposing proper administrative and disciplinary actions as provided by the law. Stopping any practices contrary to the securities market laws. Application to proper court authorities in order to issue an order for detention, charge or freeing or other transaction involving actual assets.
The following is a short list of some of these guidelines: A few of these requirements are as follows: If a broker does not meet these guidelines any currently held license will be revoked and CySEC will list these brokers on their list of non-regulated Forex Brokers and will issue a warning such as in the following example: Is not permitted to provide investment and ancillary services in the Republic, pursuant to Investment Services and Activities and Regulated Markets Law, as: It has never been authorized by the CySEC.
It is not a bank or a cooperative firm, established in the Republic and authorized to provide such services. Is not regulated by the CySEC.
What entities does CySEC regulate? CySEC is responsible for the administration of foreign exchange tasks and financial service operations in order to confirm and validate complete compliance with all relevant legislation and includes the following bodies or entities:
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