The Cyprus Securities and Exchange Commission has informed Cyprus Investment Firms to complete a form by November 15 2013 as part of the regulators effort to supervise on a consolidated basis, aiding transparency.
As the need for greater transparency in its oversight of member firms increases, the Cyprus Securities and Exchange Commission (CySEC) has released a circular to Cyprus Investment Firms (CIF) today which requires that each company provides certain entity related information by November 15th, 2013, with regards to its structure and relation to any parent company, holding company, subsidiary or other direct or indirect common ownership structure as detailed below.
CIF firms must submit a questionnaire by November 15th and choose from a list of applicable options for each CIF member. This announcement is part of a directive (namely Part E of the Directive DI144-2007-05 of 2012) pertaining to the supervision of firm's capital adequacies, among other issues, as well as the supervision of companies on a consolidated basis.
More specifically, CIFs which fall under the cases specified in paragraphs 1, 2 and 3 of Part E of the Directive are supervised by the Commission on a consolidated basis, in addition to the solo supervision already exercised for them by now, according to the circular.
CIFs that do not fall under certain categories may continue to be supervised by the Commission only on a solo basis. However, in order to determine such applicability, all CIFs are requested to complete a table in the form and return via electronic email to an address provided by CySEC in the announcement, and no later than November 15th, according to the circular. Below is a portion of the form pertaining to applicable categories where firms must indicate year-end balance sheet totals (in Euros as of December 31, 2013).
The table that was included in the announcement from CySEC today, must be submitted together with a chart of the structure of the group in which the CIF belongs to, up to the ultimate beneficial owners – natural persons.
The chart must include the name of each entity, percentage of holding, country of establishment, activities and competent authority, if applicable. For certain firms whose Cyprus-based financial holding companies have subsidiaries that are in non-member jurisdictions, section 6 is reserved for further information to be provided by the CIF.
Additionally, for CIF firms that fall under categories 4 or 5 on the above mentioned form, as can be seen in the diagram above, must disclose the year-end balance sheet in Euros as of 12/31/2013. The full circular by CySEC can be found on its website.
General Regulatory Challenges in FX Globally
In addition to the steep economic challenges that the country has faced in recent years with regards to its banking center, and recent challenges faced by Forex companies, if the regulator can continue to improve its oversight and efficiencies with regards to providing members with ease in cooperation and compliance, the future of the much sought out hub for Forex companies may return to the spotlight that it has recently enjoyed as link between Europe, Asia, Africa and the Middle East.
The paradox of this challenge for the regulator (or any regulator for that matter), is the balance between providing market participants with enough protection while not limiting their freedom to the degree that causes customers to seek out other alternatives (as seen in other jurisdictions with regards to FX Market regulations). Hopefully by now, regulators can start to learn even more by the previous mistakes of their foreign counterparts (or their own mishaps), as methods for policing participants evolve alongside the evolution of the underlying market places as well.
The amount of cross-regulatory cooperation that has been seen is also a potential driver of standardizing rules across markets which could pose another challenge of eliminating regulatory arbitrage that providers often seek when considering cost and ease of business operation. This is another paradox, as the benefits of globalized rules eliminate the diversity of regulatory efficiencies and their consequent effects on end- users and firms.
As the need for greater transparency in its oversight of member firms increases, the Cyprus Securities and Exchange Commission (CySEC) has released a circular to Cyprus Investment Firms (CIF) today which requires that each company provides certain entity related information by November 15th, 2013, with regards to its structure and relation to any parent company, holding company, subsidiary or other direct or indirect common ownership structure as detailed below.
CIF firms must submit a questionnaire by November 15th and choose from a list of applicable options for each CIF member. This announcement is part of a directive (namely Part E of the Directive DI144-2007-05 of 2012) pertaining to the supervision of firm's capital adequacies, among other issues, as well as the supervision of companies on a consolidated basis.
More specifically, CIFs which fall under the cases specified in paragraphs 1, 2 and 3 of Part E of the Directive are supervised by the Commission on a consolidated basis, in addition to the solo supervision already exercised for them by now, according to the circular.
CIFs that do not fall under certain categories may continue to be supervised by the Commission only on a solo basis. However, in order to determine such applicability, all CIFs are requested to complete a table in the form and return via electronic email to an address provided by CySEC in the announcement, and no later than November 15th, according to the circular. Below is a portion of the form pertaining to applicable categories where firms must indicate year-end balance sheet totals (in Euros as of December 31, 2013).
The table that was included in the announcement from CySEC today, must be submitted together with a chart of the structure of the group in which the CIF belongs to, up to the ultimate beneficial owners – natural persons.
The chart must include the name of each entity, percentage of holding, country of establishment, activities and competent authority, if applicable. For certain firms whose Cyprus-based financial holding companies have subsidiaries that are in non-member jurisdictions, section 6 is reserved for further information to be provided by the CIF.
Additionally, for CIF firms that fall under categories 4 or 5 on the above mentioned form, as can be seen in the diagram above, must disclose the year-end balance sheet in Euros as of 12/31/2013. The full circular by CySEC can be found on its website.
General Regulatory Challenges in FX Globally
In addition to the steep economic challenges that the country has faced in recent years with regards to its banking center, and recent challenges faced by Forex companies, if the regulator can continue to improve its oversight and efficiencies with regards to providing members with ease in cooperation and compliance, the future of the much sought out hub for Forex companies may return to the spotlight that it has recently enjoyed as link between Europe, Asia, Africa and the Middle East.
The paradox of this challenge for the regulator (or any regulator for that matter), is the balance between providing market participants with enough protection while not limiting their freedom to the degree that causes customers to seek out other alternatives (as seen in other jurisdictions with regards to FX Market regulations). Hopefully by now, regulators can start to learn even more by the previous mistakes of their foreign counterparts (or their own mishaps), as methods for policing participants evolve alongside the evolution of the underlying market places as well.
The amount of cross-regulatory cooperation that has been seen is also a potential driver of standardizing rules across markets which could pose another challenge of eliminating regulatory arbitrage that providers often seek when considering cost and ease of business operation. This is another paradox, as the benefits of globalized rules eliminate the diversity of regulatory efficiencies and their consequent effects on end- users and firms.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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