Stricter controls and fines for cross-border activities in Cyprus
The Cyprus Securities and Exchange Commission (CySEC) is introducing additional controls for cross-border services, and announced that investor protection will be strengthened under new rules regarding how complaints are handled.
The commission warned Cyprus investments firms trading in contracts for differences that they must take immediate action to improve their practices or face enforcement action.
Where repeated weaknesses and/or a failure to implement remedial measures is detected, CYSEC will impose “significantly higher” fines or proceed with suspending or revoking the respective firms’ license.
CySEC chairman George Theocharides presented the agency’s supervisory objectives for 2022-2023 at an online workshop for Cyprus investment firm executives, outlining the overarching emphasis on regulatory compliance and investor protection.
“To achieve CySEC’s mission to exercise effective supervision, ensure investors’ protection and the healthy development of the capital market, CySEC is adopting changes to its supervisory processes when it comes to monitoring cross-border activities. This will ensure that poor practices and possible violations of the law are adequately identified, assessed, addressed and prioritized when needed,” he said.
