CySEC Flags 8 Unregulated Broker Websites

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’) announced today that it wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017.

• scmconsulting.net
• kepercoin.com
• fxoptiontrade247.com
• expertoption.forex
• themarketsguide.com
• 24primeoption.com
• 24liveoption.com
• ic-marketsfx.eu

CySEC urges investors to consult its website (www.cysec.gov.cy), before conducting business with investment firms, in order to ascertain the entities which are licensed to provide investment services and/or investment activities.

Unregulated companies

A growing number of unregulated firms are using misleading tactics. Customers are to exercise extra vigilance when dealing with cold-calls and should avoid opening accounts with unregulated entities. CySEC, alongside other national financial industry supervisors is hard at work to flag as many illicit websites as possible.

CySEC

Formed in 2001, the Cyprus Securities and Exchange Commission is the financial regulator of Cyprus.

As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law.

A significant number of overseas retail 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 brokers and binary options brokers have obtained registration from CySEC.

Responsibilities

CySEC has the following responsibilities:

1. To supervise and control the operation of the Cyprus Stock Exchange and the transactions carried out in the Stock Exchange, its listed companies, brokers and brokerage firms.
2. To supervise and control Licensed Investment Services Companies, Collective Investment funds, investment consultants and mutual fund management companies.
3. To grant operation licences to investment firms, including investment consultants, brokerage firms and brokers.
4. To impose administrative sanctions and disciplinary penalties to brokers, brokerage firms, investment consultants as well as to in any other legal or natural person whom fall under the provisions of the Stock Market legislation.

In a recent amendment to the Law governing CySEC and its responsibility it has received significant power over the entities that it regulates in that it may carry out investigations, enter premises and search as well as to share any findings with foreign regulators.