The Mediterranean island of Cyprus continues to dominate its presence as a preferred destination for financial services firms looking to get set up under an established regulatory authority which gives further access to EU member states.Despite volumes falling through the roof and overall market sentiment bleak, the low tax EU nation has scored a double in 2012 as it regulates and approves six more firms, this complements its Regulation of six firms in August.
Loucas Haviaras, Tax Advisor at Haviaras & Philippou L.L.C. a Cyprus based law firm sees no change in Cyprus maintaining its title as a financial hub for the region, he says "Cyprus definitely holds its position as a financial hub from FX and CIF firms. The reason being, that we are a country member of the EU with low taxation and outstanding services. We shouldn’t expect a drop of interests since the recession is global and therefore if it will affect Cyprus it will affect it only as much as other countries of the European Union."
Costas Constantinides, Director of 360 Consulting, an FX regulatory consulting firm, adds "Cyprus still maintains its position, as well as grows its size, as an internationally recognized main hub for FX, CFD as well as Binary Options business establishments".
He continues with the main factors that keep Cyprus ahead of other jurisdictions, "the aforesaid is based on long-standing advantages, as well as newly arising ones, in relation to the jurisdiction of Cyprus in EU: Credibility of the Regulator (CySEC), Straight forward and respectable licensee requirements, Local abundance of high quality business services, Attractive tax regime and others".
Cyprus joined the EU in 2004 and as a EU member state falls under MIFID, for a lengthy period it was regarded as an offshre centre with considerable low tax. The country worked on developing its infrastructure, telecommunications and input many reforms over the last decade to ensure it is regarded as a financial hub, situated on the cross roads of europe, middle east and north africa an ideal location for neighbouring firms to set up and do business.
Dr. Stelios Platis, Managing Director of MAP S.Platis a financial services law and consulting firm says "being essentially the 'cross-road' between the Middle East and EU, Cyprus remains extremely attractive for EU Brokers who wish to provide the necessary gateway from/to the ME and from/to the EU".
Announcement: The Board of the Cyprus Securities and Exchange Commission, announces that, during its meetings between August 2012 – October 2012, decided, pursuant to sections 6(6) and 22 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force, to grant to the following companies a Cyprus Investment Firm authorisation:
Grow Wealth Assets Ltd
Solidus Securities Cyprus Ltd
Exness (Cy) Ltd
CF Invest Ltd
Sama Brokers Ltd
Fidelisco Capital Markets Ltd
It is noted that the above companies before their activation and not later than 12 months from the date of granting a CIF authorization, must establish and implement all the measures committed before the Commission, in order to comply with the requirements of the Law.
The Cypriot regulators journey has had its highs and lows, at one point Cyprus was regarded as an open door for firms who were looking to misuse its local procedures (or lack of), however the regulators have worked extensively hard over the last four years along with brokers and compliance consulting firms to ensure that they are in line with the high standard other European regulators operate under e.g. client money rules, capital adequacy, KYC and AML and overall corporate governance.
Dr. Stelios adds "CySEC's learning curve has been steep. After joining the EU and seeing the advantages that MiFID and other European financial rules could give Cyprus, CySEC was quick in adjusting the local regulatory framework as well as their procedures. Thus, today being licensed by CySEC means that an FX Broker automatically has the necessary credibility of complying fully with the EU regulatory framework set for investors’ protection."
Angelos Paphitis, Managing Director of A. G. Paphitis & Co LLC says "more and more companies do come to Cyprus in order to transfer their headquarters because of Cyprus’ tax system mainly and also because of the low-cost on legal fees. For example, we have been inquiring to register an FX firm (an STP broker) in Poland and even though the paid up share capital needed for the company is less than Cyprus (Cyprus STP companies require a paid up share capital of Euro 200k whereas in Poland it is Euro 125k), the professional fees for such service varies at the range of Euro 150,000 in Poland, whereas the same fees in Cyprus varies at the range of Euro 25,000".
Cyprus was the first EU regulator to authorise firms operating in the binary sector, binaries are thought to be the next big thing for online financial traders.
The Mediterranean island of Cyprus continues to dominate its presence as a preferred destination for financial services firms looking to get set up under an established regulatory authority which gives further access to EU member states.Despite volumes falling through the roof and overall market sentiment bleak, the low tax EU nation has scored a double in 2012 as it regulates and approves six more firms, this complements its Regulation of six firms in August.
Loucas Haviaras, Tax Advisor at Haviaras & Philippou L.L.C. a Cyprus based law firm sees no change in Cyprus maintaining its title as a financial hub for the region, he says "Cyprus definitely holds its position as a financial hub from FX and CIF firms. The reason being, that we are a country member of the EU with low taxation and outstanding services. We shouldn’t expect a drop of interests since the recession is global and therefore if it will affect Cyprus it will affect it only as much as other countries of the European Union."
Costas Constantinides, Director of 360 Consulting, an FX regulatory consulting firm, adds "Cyprus still maintains its position, as well as grows its size, as an internationally recognized main hub for FX, CFD as well as Binary Options business establishments".
He continues with the main factors that keep Cyprus ahead of other jurisdictions, "the aforesaid is based on long-standing advantages, as well as newly arising ones, in relation to the jurisdiction of Cyprus in EU: Credibility of the Regulator (CySEC), Straight forward and respectable licensee requirements, Local abundance of high quality business services, Attractive tax regime and others".
Cyprus joined the EU in 2004 and as a EU member state falls under MIFID, for a lengthy period it was regarded as an offshre centre with considerable low tax. The country worked on developing its infrastructure, telecommunications and input many reforms over the last decade to ensure it is regarded as a financial hub, situated on the cross roads of europe, middle east and north africa an ideal location for neighbouring firms to set up and do business.
Dr. Stelios Platis, Managing Director of MAP S.Platis a financial services law and consulting firm says "being essentially the 'cross-road' between the Middle East and EU, Cyprus remains extremely attractive for EU Brokers who wish to provide the necessary gateway from/to the ME and from/to the EU".
Announcement: The Board of the Cyprus Securities and Exchange Commission, announces that, during its meetings between August 2012 – October 2012, decided, pursuant to sections 6(6) and 22 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force, to grant to the following companies a Cyprus Investment Firm authorisation:
Grow Wealth Assets Ltd
Solidus Securities Cyprus Ltd
Exness (Cy) Ltd
CF Invest Ltd
Sama Brokers Ltd
Fidelisco Capital Markets Ltd
It is noted that the above companies before their activation and not later than 12 months from the date of granting a CIF authorization, must establish and implement all the measures committed before the Commission, in order to comply with the requirements of the Law.
The Cypriot regulators journey has had its highs and lows, at one point Cyprus was regarded as an open door for firms who were looking to misuse its local procedures (or lack of), however the regulators have worked extensively hard over the last four years along with brokers and compliance consulting firms to ensure that they are in line with the high standard other European regulators operate under e.g. client money rules, capital adequacy, KYC and AML and overall corporate governance.
Dr. Stelios adds "CySEC's learning curve has been steep. After joining the EU and seeing the advantages that MiFID and other European financial rules could give Cyprus, CySEC was quick in adjusting the local regulatory framework as well as their procedures. Thus, today being licensed by CySEC means that an FX Broker automatically has the necessary credibility of complying fully with the EU regulatory framework set for investors’ protection."
Angelos Paphitis, Managing Director of A. G. Paphitis & Co LLC says "more and more companies do come to Cyprus in order to transfer their headquarters because of Cyprus’ tax system mainly and also because of the low-cost on legal fees. For example, we have been inquiring to register an FX firm (an STP broker) in Poland and even though the paid up share capital needed for the company is less than Cyprus (Cyprus STP companies require a paid up share capital of Euro 200k whereas in Poland it is Euro 125k), the professional fees for such service varies at the range of Euro 150,000 in Poland, whereas the same fees in Cyprus varies at the range of Euro 25,000".
Cyprus was the first EU regulator to authorise firms operating in the binary sector, binaries are thought to be the next big thing for online financial traders.
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
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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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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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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!
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!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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