CySEC Announces €180,000 Tender for Crisis Management Services
The Cypriot regulator has announced a public tender looking for a communications and media relations service.
Victor Golovtchenko
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Regulation
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Retail FX )
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2016-05-31T11:39:15+00:00
2016-06-01T11:27:19+00:00
The Cyprus Securities and Exchange Commission (CySEC) has announced a public tender that is inviting communications and media relations professionals to assist the watchdog in handling European and international media.
According to an official announcement on the government’s official eProcurement website, which serves as an electronic database for conducting public procurement procedures for the purchase of goods, works or services by the Cypriot government, the tender is expected to close on the 16th of June.
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Recent events related to CySEC’s public image across the European Union and globally must have prompted the regulator to seek outside help. According to the tender, the contract is valued at up to €180,000. The term of the contract is not specified in the announcement.
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A number of clients of IronFX have been actively engaging in campaigns to discredit the authority of the Cypriot watchdog, an effort which culminated last Thursday at the iFX Expo in Limassol. After a speech by the Chairwoman of the CySEC, Demetra Kalogerou, a man asserting to be a client of IronFX disrupted the event by loudly criticizing the regulator for failing to meet its mandate.
CySEC, which was launched in 2001, is the financial regulator on the island responsible for supervising and making sure that Cyprus Investment Companies (CIFs) adhere to fair conduct. Other European financial regulators, such as the French Autorité des Marchés Financiers (AMF), has openly criticized business conduct by companies that the Cypriot watchdog is overseeing.
In the past, prominent financial industry publications such as the Financial Times FT Alphaville column have openly ridiculed the regulator and some companies operating from Cyprus, when CySEC first issued its relatively major fines after almost 15 years in existence.
With its move, CySEC is aiming to clear its image in the media. In order for that to happen however, the Cypriot watchdog might start by publishing the decisions from its board meetings in real time, right after they have been taken, instead of with severalweeks or months of delays which has become the norm for the watchdog in recent quarters.
180K is not going to do it. They will need a lot more to reverse some of this bad press. Also they should also stop playing around and suspend the license of some of these clearly crooked companies and also fine the executives behind them. While they are at it, they should also consider taking a step back from all the “overly friendly” relationships they have with most of the consulting firms that send them clients and most importantly stop receiving gifts from them like weekends at luxury hotels in Limassol, champagne parties where they mingle with the consultants and… Read more »
Any evidence of the “overly friendly” relationship. If so you should send to a publication. If not I would read up on the slander and libel laws. I think that CySec have a very hard job in being a very small office and a having a huge amount of CIFs to monitor, along with the unregulated etc. Even a well funded regulator like the FCA struggles to keep up. Moreover, any investigation is not concluded in one day and has to gather solid evidence, and give the party time to make amends. From this they can then take action. As… Read more »
Ironfx time is coming! I pretty sure their muppets team are starting to feel some tension.
Hopefully CySec can act for once and for all to banish all management staff from acting inside any regulatory frame in Cyprus.
CySec, what about CommexFx case? when Investor Compensation Fund will start to pay clients of this failed broker? You want to pay for PR instead … maybe better raise your reputation by doing something or at least communicate with public and show some signs of doing something …
Come on, give us a break with your anti-CySEC commentary. The tender was announced before the IFX Circus.