Retail Brokerage Arm of Hellenic Bank Says Goodbye to its CySEC CIF License

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) confirmed on Tuesday that Hellenic Bank (Investments) Ltd, a wholly owned subsidiary of Hellenic Bank Public Company Ltd, has renounced its Cyprus Investment Firm (CIF) License, as of March 15, 2017.

Hellenic Bank Investments Ltd (HBI), backed by the second largest commercial bank in Cyprus, decided last year to wind down the operations of its retail brokerage service effective January 31, 2017.

“The decision does not have any significant financial or operational impact on the group and HBI’s resource will be redeployed within the group to cover identified needs,” the bank said in a statement on the website of the Cyprus Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term. “This decision does not affect the provision of services by the group to private banking clients and institutional clients”.

Accordingly, and pursuant to section 24(1)(a) of the Investment Services ‎and Activities and Regulated Markets Law of 2007, the CIF authorisation of ‎‎'Hellenic Bank Investments' with number 004/03 has lapsed. ‎

As of this date, the bank is no longer licensed and regulated by CySEC and cannot provide financial or ancillary services. The regulator gave Hellenic Bank three months from that date to settle its obligations arising from the investment services that also lapsed, during which time it remains under the Cypriot watchdog’s supervision.

Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. In addition, Hellenic Bank must provide a confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients, according to the same CySEC announcement.