Cyprus Securities and Exchange Commission (CySEC) yesterday announced that it is strengthening its supervisory capabilities through the use of new technologies and other tools. The move aims to ensure a stronger investor protection framework and the smooth operation of the market, the regulator explained.
This was the main focus of CySEC Chairman Dr George Theocharides’ speech in a press conference on Tuesday, 1 February 2022. The conference about the goals of the Cypriot regulator for 2022 and the sector’s trends and developments in 2021.
In his speech, Dr Theocharides highlighted the continued growth of the investment sector. CySEC had 806 entities under its supervision by the end of 2021, compared to 788 in the end of the previous year, a 2.28% increase.
CySEC revealed that it aims to strengthen its ability to identify bad practices in a timely. This will be achieved through the adoption of additional tools and the implementation of strategies that enhance its efficiency and effectiveness.
To that end, the Cypriot regulator has acquired a specialised system to monitor and supervise the marketing and social media activities online of regulated entities. This tool will strengthen the watchdog’s ability to collect, analyse and monitor the marketing communications of CIFs.