On Second Thought – Newly Minted CySec Licensed Firms Renounce Regulation
- Back in July, Forex Magnates reported that a record 17 firms had been granted financial licenses by Cypriot securities regulator, CySec. We are now seeing that some of these firms are beginning to rethink these plans.
Back in July, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates reported that a record 17 firms had been granted financial licenses by Cypriot securities regulator, 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. The rise in authorized firms occurred even as the country was in the midst of dealing with a banking crisis. Among the firms, much of the demand was coming from binary options brokers.
However, we are now seeing accepted firms decide to rethink their Cypriot plans. Among the class of 17, including Monex Capital Markets. Part of the Indonesian Monex Investido Futures, the broker last week launched its European initiative in the UK, waiting to receive FCA regulation instead of going live from Cyprus.
Similarly, CySec has announced that Master Capital Group and Profitside Investments, which had been granted regulation in the first half of 2013, have renounced their licenses. In terms of what led to the change, we reached out to Master Capital for comment, but as of publishing time were yet to hear from the company.
Although not uncommon for firms to initiate the process of regulation and then decide not to launch due to a variety of reasons, such as lack of funds or problems with accounting transparency, the current decisions may be linked to account issues Cypriot brokers are experiencing. As reported yesterday, there has been a rise in occurrence of EU commercial banks rejecting brokers from opening accounts to hold client funds. In addition, any firm that had created accounts in Cyprus to meet regulatory requirements in the first half of 2013, was vulnerable to the bank haircut that occurred in the country.
Back in July, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Magnates reported that a record 17 firms had been granted financial licenses by Cypriot securities regulator, 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. The rise in authorized firms occurred even as the country was in the midst of dealing with a banking crisis. Among the firms, much of the demand was coming from binary options brokers.
However, we are now seeing accepted firms decide to rethink their Cypriot plans. Among the class of 17, including Monex Capital Markets. Part of the Indonesian Monex Investido Futures, the broker last week launched its European initiative in the UK, waiting to receive FCA regulation instead of going live from Cyprus.
Similarly, CySec has announced that Master Capital Group and Profitside Investments, which had been granted regulation in the first half of 2013, have renounced their licenses. In terms of what led to the change, we reached out to Master Capital for comment, but as of publishing time were yet to hear from the company.
Although not uncommon for firms to initiate the process of regulation and then decide not to launch due to a variety of reasons, such as lack of funds or problems with accounting transparency, the current decisions may be linked to account issues Cypriot brokers are experiencing. As reported yesterday, there has been a rise in occurrence of EU commercial banks rejecting brokers from opening accounts to hold client funds. In addition, any firm that had created accounts in Cyprus to meet regulatory requirements in the first half of 2013, was vulnerable to the bank haircut that occurred in the country.