The Cyprus Securities and Exchange Commission (CySEC) today reminded Cyprus Investment Firms (CIFs), that is binary and Forex brokers, of their responsibilities regarding their investment activities in third countries.
In a circular out today, the Cypriot watchdog flashed its regulatory teeth at investment firms which it regulates but which have been included in the Investors Alert Portal operated by the International Organization of Securities Commissions (IOSCO). The Cypriot watchdog is concerned that some of the CIFs it regulates have been issued warnings by IOSCO members.
CySEC said that such firms should contact the respective authorities and do everything necessary to be removed from the Alerts list. The regulator gives the firms one month, that is, until December 23, 2015, to inform it of actions taken in this respect. The regulator notes that it reserves its right to conduct an investigation and where appropriate, to take supervisory measures against such CIFs.
CySEC notes that CIFs may provide/perform investment services/activities in the territories of third countries only when they are authorised to do so by CySEC and the respective competent authorities of the third countries, where applicable. In the absence of such authorisation, CIFs must not start providing/performing investment services/activities in the territories of such third countries.
To view the CySEC circular, click here.