CySEC Hosts Virtual Sandbox Launch, Draws Financial Sector Stakeholders

Tuesday, 11/06/2024 | 12:17 GMT by Tareq Sikder
  • Over 500 stakeholders from diverse sectors attended the virtual launch.
  • The Regulatory Sandbox aims to promote collaboration, spur innovation, and enhance regulatory oversight.
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CySEC

The Cyprus Securities and Exchange Commission (CySEC) launched its Regulatory Sandbox on June 11, 2024, through an online event. This initiative signifies progress in financial, regulatory, and supervisory technologies such as FinTech, RegTech, and SupTech in Cyprus.

Hosting Virtual Launch for Regulatory Sandbox

Dr George Theocharides, Chair at CySEC and Chair of the Risk Standing Committee at ESMA
Dr George Theocharides, Chair at CySEC and Chair of the Risk Standing Committee at ESMA

More than 500 stakeholders from the financial sector participated in the virtual launch event. Attendees included representatives from regulatory bodies, financial institutions, and technologically innovative firms. They received information on the Sandbox's operational framework and its potential benefits for market participants.

Following the event's conclusion, Dr George Theocharides, Chairman of CySEC , underscored the initiative's significance, stating: “With the introduction of the Regulatory Sandbox , we are taking another major step in fostering responsible innovation in the financial services sector.”

“Our goal is to support the development of cutting-edge solutions that meet technological advancements, without compromising market integrity and investor protection.”

Focusing on Risk Management and Market Stability

The CySEC aims to bolster oversight of firms involved in cross-border activities, focusing on mitigating risks in complex financial products like Contracts for Difference, as reported by Finance Magnates.

As part of its supervisory priorities for 2024, CySEC plans to safeguard investors' interests and market integrity by enhancing its supervisory framework and fostering a compliance-oriented culture among registered entities.

Emphasizing proactive risk management, CySEC aims to address potential adverse events promptly to maintain market stability and resilience. In 2024, CySEC's focus areas include assessing practices impacting investors and markets, implementing sustainability requirements, and evaluating firms' business models within the investment services sector.

The Cyprus Securities and Exchange Commission (CySEC) launched its Regulatory Sandbox on June 11, 2024, through an online event. This initiative signifies progress in financial, regulatory, and supervisory technologies such as FinTech, RegTech, and SupTech in Cyprus.

Hosting Virtual Launch for Regulatory Sandbox

Dr George Theocharides, Chair at CySEC and Chair of the Risk Standing Committee at ESMA
Dr George Theocharides, Chair at CySEC and Chair of the Risk Standing Committee at ESMA

More than 500 stakeholders from the financial sector participated in the virtual launch event. Attendees included representatives from regulatory bodies, financial institutions, and technologically innovative firms. They received information on the Sandbox's operational framework and its potential benefits for market participants.

Following the event's conclusion, Dr George Theocharides, Chairman of CySEC , underscored the initiative's significance, stating: “With the introduction of the Regulatory Sandbox , we are taking another major step in fostering responsible innovation in the financial services sector.”

“Our goal is to support the development of cutting-edge solutions that meet technological advancements, without compromising market integrity and investor protection.”

Focusing on Risk Management and Market Stability

The CySEC aims to bolster oversight of firms involved in cross-border activities, focusing on mitigating risks in complex financial products like Contracts for Difference, as reported by Finance Magnates.

As part of its supervisory priorities for 2024, CySEC plans to safeguard investors' interests and market integrity by enhancing its supervisory framework and fostering a compliance-oriented culture among registered entities.

Emphasizing proactive risk management, CySEC aims to address potential adverse events promptly to maintain market stability and resilience. In 2024, CySEC's focus areas include assessing practices impacting investors and markets, implementing sustainability requirements, and evaluating firms' business models within the investment services sector.

About the Author: Tareq Sikder
Tareq Sikder
  • 745 Articles
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About the Author: Tareq Sikder
A Forex technical analyst and writer who has been engaged in financial writing for 12 years.
  • 745 Articles
  • 4 Followers

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