CySec – Cyprus Securities and Exchange Commission

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Регулятор CySEC – Структура работы и штрафы

Финансовые регуляторы были и остаются основным правоприменительным органом на фондовых площадках.

Кипрская Комиссия по биржам и ценным бумагам CySEC (англ. Cyprus Securities and Exchange Comission, греч. Επιτροπή Κεφαλαιαγοράς) — за несколько лет превратилась из локального регулятора в полноправного участника Еврозоны. Она любима и почитаема трейдерами и брокерами, не в последнюю очередь — из-за штрафных санкций и лояльности.

Подтвержденный доход Комиссии в 2020 году от штрафов, взысканий, научной и преподавательской деятельности — 20 млн. евро.

Особенности регулятора CySEC

Регулятор CySEC со штаб-квартирой в кипрской Никосии был создан в 2001 году. Для государства, традиционно связываемого с оффшорами, учреждение стало вынужденным шагом. Страна готовилась к интеграции с Евросоюзом, что требовало унификации нормативно-правовых документов и правоприменения в области финансов.

Сегодня CySEC контролирует всю денежно-активную сферу страны и зарегистрированных компаний.

Официальный сайт гласит, что в обязанности регулятора входит:

  • лицензирование участников финрынка;
  • контроль над Кипрской фондовой биржей;
  • участие в работе специализированных агентств;
  • пресечение и расследование финансовых правонарушений и преступлений;
  • запрос информации по требованию правоохранительных органов Кипра и ЕС;
  • наложение дисциплинарных и административных взысканий;
  • прекращение незаконной практики в области работы с ценными бумагами;
  • обращение в суды для приостановки незаконных сделок с имуществом;
  • издание Директив, требований и нормативно-правовых актов;
  • взаимодействие с иными органами власти.

Структура CySEC

Во главе Комиссии стоит председатель — Деметра Калогеру. Есть первый заместитель (Андреас Андреу) и три простых члена — Христос Вакис, Кипрос Иоаннидес и Джордж Теохаридес. Они утверждены решением Совета министров Республики Кипр. Простые члены выбираются из числа наиболее достойных финансистов страны по рекомендации профессионального сообщества.

В составе Комиссии — 13 отделов, отвечающих за все сферы деятельности, включая образовательную, информационных технологий и внутреннего аудита. Специализированных органов по разбору сложных ситуаций нет, вопросы толкования правовых актов и норм и принятия решений возложены на пятерых членов Комиссии.

Однако внутренняя структура выделяет четыре типа жалоб:

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  • в отношении кипрских инвестиционных фирм;
  • в отношении нерегулируемых организаций;
  • финансовому омбудсмену;
  • фонду компенсаций инвесторам.

Профессиональные игроки фондового рынка отмечают абсолютную объективность и скорость разбирательства — оно редко превышает один месяц. Статус истца и ответчика, объемы финансовых операций и срок работы на рынке неважен. Частный игрок, инвестирующий 100-200 евро, может «наказать» титана.

Преимущества CySEC для трейдера и брокера

На момент создания CySEC Правительство Республики Кипр встало перед дилеммой: как обеспечить дальнейшую привлекательность «оффшорному раю», не вступая в конфронтацию с ЕС? Решение нашли быстро: у регулятора — самые низкие штрафы для нарушителей финансового законодательства.

  • нарушение документооборота — от 5 тыс. евро;
  • несвоевременное представление отчетности — от 5 тыс. евро;
  • нарушение правил собственного устава — от 5 тыс. евро;
  • нарушение правил представления информации о квалификации и состоянии организации — от 5 тыс. евро;
  • недостаточный учет торговых счетов — от 10 тыс. евро;
  • финансовые махинации и преступления — 20 тыс. евро — 2 млн. евро.

Брокер, зарегистрированный в CySEC, контролируется корректной и объективной структурой. Лишение лицензии предусмотрено только за финансовые преступления и отмывание полученных денег. Брокер признается злостным нарушителем, если неоднократно допускает однотипные проступки.

Регуляцию CySEC имеют известные брокеры по бинарным опционам, хотя стоит сказать что получить лицензию от регулятора не просто, именно поэтому только единицы из сотни брокеров имеют ее. Но если брокер регулируется CySEC, то это очень хороший показатель честности и надежности брокера, а также соблюдение международных стандартов и высоких объемов торгов.

Пример брокера с регуляцией CySEC:

Плюсы CySEC для финансовых игроков из бывшего СССР:

  • на Кипре — множество русскоязычных компаний;
  • отношение к жителям СНГ — весьма лояльное;
  • простота финопераций компаний, стоящих в оффшоре;
  • независимость Комиссии в привлечении к ответственности.

Трейдер, недовольный действиями брокера, вправе обратиться в Комиссию с жалобой, которую рассмотрят в течение месяца. Если вина доказана, в дело вступает весь аппарат принуждения CySEC, причем информация о нечистоплотном поведении передается всем финансовым регуляторам в мире. Предусмотрена система возмещения ущерба, финансовых гарантий сделки и страхования рисков.

Если вы нашли ошибку, пожалуйста, выделите фрагмент текста и нажмите Ctrl+Enter.

The Cyprus Securities and Exchange Commission (CySEC)

The Cyprus Securities and Exchange Commission, better known as CySEC, is a financial regulatory authority in Cyprus. As you certainly know, Cyprus is a member state of the EU. Thus, the financial regulations and CySEC operations must comply with the legislation of the European Commission (MiFID).

Surely you have noticed that recently, a remarkable number of forex companies (brokers) and binary options brokers have received their regulations from CySEC. I think that most traders consider CySEC regulation as a quality indicator and as a way of not having to worry about one’s money. Besides, we’ve already written an article on the topic: Regulation of binary options brokers.

As I mentioned above, CySEC has experienced very strong growth in registrations and legislative changes in relation to specific financial services. This is also the reason why the changes are still under scrutiny and monitored by other EU regulatory authorities and securities dealers registered under CySEC.

History of CySEC

CySEC was established in 2001. After Cyprus joined the European Union in 2004, CySEC simultaneously become part of European MiFID regulation, which gives companies registered in Cyprus access to all European markets. But by joining the EU and adopting the Euro has significantly changed the financial regulatory framework promoted by CySEC.

On May 4th, 2020, CySEC announced a change in policy regarding classification of binary options as financial instruments. This resulted in a fact that the binary options brokers operating in Cyprus (most of them are based in Cyprus) had to be regulated. If you are trading with the broker IQ Option, you know that this broker is licensed by CySEC almost from the very beginning. Swearing themselves of being the first ones, but who knows where the truth lies.

At that moment, CySEC became the first financial regulatory authority that globally recognized and regulated binary option as a financial instrument. Couple of years later, even after the case in Netherlands, Czech National Bank has also decided on the same.

What is CySEC responsible for?

  • 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.
  • Supervise and control licensed companies offering investment services, mutual funds, investment advisors and mutual funds management companies.
  • Further, it grants operating licenses to investment firms, including investment consultants, brokerage firms and brokers for trading binary options.
  • 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.

Imposing administrative sanctions means that the broker will be penalized for any proven unfair practices. I think, lately, the number of penalized brokers has decreased. I attribute it primarily to the fact that the brokers are trying to have a good reputation and not enter a “blacklist” of fined companies.

Have you ever heard about the broker OptionFair? Well, this broker has recently been fined by the Cypriot regulatory authority. It was a fine totalling € 138,000. This is a little different that getting a parking ticket, isn’t it?

Criticism on CySEC

During 2020 and 2020, CySEC was largely criticised, especially from retailers and industry commentators. They argued that the organization needs a better legislation governing the regulation and monitoring of high risk investment opportunities. Critics further argue that the fines levied by CySEC tend to be smaller than those awarded by other regulatory bodies in the EU. Most of the criticism was related to the binary options brokers.

Binary Options and CySEC

In fact, the vast majority of binary options brokers are regulated by CySEC. Brokers also need this license in order to legally operate any services within the Eurozone. Brokerage companies also know that a regulation by this regulatory body will gain them confidence of many European countries and merchants.

You can check whether the broker is regulated very easily. You should find it on the website of a broker or you could request a 5-digit number (a license number) through a customer support. Entering this number on the CySEC website should show you a valid license of the broker. Here is the URL of the website, if you want to have a look: http: //www.cysec.gov.cy/

If the broker’s license can not be found on the website, then it is a sign that the broker is not fully regulated in the EU. This does not necessarily have to mean that your broker will rob you at the first possible opportunity. It might though.

What is the regulatory authority going to do next?

CySEC is mainly going to make big changes in the registration and regulatory processes of all registered subjects. Changes include greater transparency concerning payments, tougher fines, suspension of brokers and revocation of their licenses. Indeed, some changes had occurred a few months ago, CySEC began to tighten the rules for binary options brokers; more about it here.

Interesting Facts:

  • Members of the five-member Board are appointed by the Council of Ministers based on a proposal by the Minister of Finance and are elected for five years.
  • CySEC was the first financial regulatory body, whose aim was to regulate binary options.

Other news about cysec

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

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Is olymptrade broker registered with cysec?

CySEC: An Overview of the Cyprus Securities and Exchange Commission

The Cyprus Securities and Exchange Commission better known as CySEC, is the financial regulatory body of Cyprus.

It was established in accordance with section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001, as a public legal entity. The operation of the CySEC is governed by the Laws regulating the Structure, Responsibilities, Powers, Organization of the Cyprus Securities and Exchange Commission and Other Related Matters (Law 73(I)/2009).

Structure

The CySEC is administered by a five-member Board, consisting of Chairwoman and Vice-Chairman, who provide their services on a full and exclusive employment basis, and three additional non-executive members.

All CySEC’s Board members are appointed by the Council of Ministers, following a proposal of the Minister of Finance. The service for all the members is renewable every five years.

CySEC is the independent public supervisory Authority, responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus and the collective investment and asset management sector. It also supervises the firms, offering administrative services, hence it has various roles and contains the following departments:

  • Strategy and international relations
  • Issuers
  • Authorizations
  • Supervision
  • AML-CFT Anti Money Laundering – Counter Financing Terrorism
  • Market surveillance and investigations
  • Legal
  • Administration and personnel
  • Information technology and operations
  • Risk and statistics department
  • Internal audit

Vision and mission

The vision of the CySEC is to establish the Cyprus securities market as one of the safest, most reliable and attractive destinations for investment, hence a significant number of overseas retail forex brokers and binary options brokers, have obtained registration from CySEC.

The mission of the CySEC is to exercise effective supervision, to ensure investor protection and the healthy development of the securities market.

Responsibilities

The CySEC is the independent public supervisory Authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus and the collective investment and asset management sector. It also supervises the firms offering administrative services, which do not fall under the supervision of the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Bar Association. As an EU Member State, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization requirements.

The main duties and responsibilities of the CySEC are set out in Article 25, Part IV of Law 73(I)/2009 and may be summarized as follows:

  • To examine applications and grant operating licenses to entities under its supervision, as well as to suspend and revoke the said licenses;
  • To supervise and regulate the operation of the Cyprus Stock Exchange(CSE) and of other organised markets in the Republic, and the transactions carried out in these markets;
  • To supervise and regulate the agencies under its supervision, in order to ensure their compliance with the laws governing their operation;
  • To carry out all necessary investigations in view of the exercise of its duties under the law as well as on behalf of other foreign competent Authorities;
  • To request and collect information, which is necessary or conducive to the exercise of its duties under the law and to demand by written request, the provision of information from any natural or legal person or organisation, deemed to be in a position to provide the required information;
  • To impose the administrative and disciplinary sanctions provided by the law;
  • To require the termination of practices, which are contrary to the securities market laws;
  • To apply to a competent court for the issue of an order for detention, or charge or freezing or prevention of alienation or transaction, involving assets;
  • To issue regulatory Directives and Decisions;
  • To cooperate and exchange data and information with other public Authorities in the Republic, competent foreign supervisory Authorities and other organisations.

The CySEC is responsible for the supervision of operations and ensuring the compliance with the relevant legislation of the following entities:

  • Cyprus Investment Firms (CIFs)
  • Cyprus branches of Investment Firms (IFs) of other EU Member States
  • Tied Agents of CIFs
  • Undertakings for Collective Investment in Transferable Securities (UCITS)
  • UCITS (Undertakings for Collective Investment in Transferable Securities) Management Companies
  • UCITS Agents
  • Cyprus branches of UCITS Management Companies of other EU member-states
  • Administrative Services Companies – Trustee and Fiduciary Service Providers
  • Variable Capital Investment Companies (VCIC)
  • Alternative Investment Fund Managers (AIFMs)
  • Regulated Markets (RM)
  • Central Counterparty Clearing House (CCPs) of over-the-counter (OTC) derivatives
  • Trade depositories of over-the-counter (OTC) derivatives
  • Alternative Investment Funds (AIFs)
  • In addition to the above responsibilities, the CySEC has also been entrusted with powers and duties under the following laws:

    • The Public Offer and Prospectus Law of 2005
    • The Insider Dealing and Market Manipulation (Market Abuse) Law of 2005
    • The Public Takeover Bids Law of 2007
    • The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law of 2007

    Authorization and licensing

    The provision of investment services and/or the performance of investment activities as a regular occupation or business is a subject to prior authorisation by CySEC in accordance with Chapter I of Law 87(I)/2020 – For the Provision of Investment Services, the Exercise of Investment Activities, the Operation of the Regulated Markets.

    Once authorization is granted, the CySEC registers all Cyprus Investment Firms (CIFs) in a register, which is publicly accessible and contains information on the services and/or activities, for which the CIF is authorized. The Commission updates the register and notifies every authorization to the European Securities and Market Authorities (ESMA).

    The CIF authorisation is valid for the entire European Union and allows a CIF to provide the services or perform the activities, for which it has been authorized throughout the European Union, either through the right of establishment, including through a branch, or through the freedom to provide services.

    Furthermore, the CySEC will grant a license only if all capital requirements are in accordance with Regulation (EU) No. 575/2020, having regard to the nature of the investment service or investment activity, are met.

    A CIF, which does not deal in any financial instruments for its own account or underwrites, issues of financial instruments on a firm commitment basis, but which holds client money or securities, and which offers one or more of the following services, shall have initial capital of EUR125 000:

    • the reception and transmission of investors‘ orders for financial instruments;
    • the execution of investors‘ orders for financial instruments;
    • the management of individual portfolios of investments in financial instruments;
    • Investment Advice

    A CIF, which intends to offer all of the below services, shall be required at all times to maintain initial capital of not less than EUR730 000:

    • Reception and Transmission of Orders
    • Execution of Orders on Clients` Behalf
    • Portfolio Management
    • Investment Advice
    • Underwriting and placing of financial instruments on a firm commitment basis
    • Dealing on Own Account
    • Operation of Multilateral Trading Facility (MTF)
    • Operation of Organized Trading Facility (OTF)

    Certifications and training

    All individuals who are employed by a CIFs, must possess sufficient knowledge, skills and experience to perform their duties.

    In accordance with Article 92 of Law 87(I)/2020 a CIF’s employee involved in the provision of investment services or the carrying out of investment activities, must be certified and registered in the public register of certified persons, after passing the relevant exams (basic and advanced). They must also fulfil the requirements of R.A.D 22 of 2020 – Directive regarding the certification of persons and certification registers, which specify the minimum academic and professional qualifications, which they should hold. According to the Directive the CySEC prepares and makes public on its website a table of all Successful Candidates.

    Persons registered in the Public Register are obligated to renew their registration and therefore attend continuous professional training (CPT) and seminars, on topics that fall within the relevant legislation, which applies to them and which relates directly to the duties, which they will undertake as part of their certification.

    To this end CySEC organize seminars and training for Continued Professional Training (CPT), which are addressed primarily to the persons registered in the public register (certified persons), in order to maintain their certifications and registration in the Public Register.

    International Affairs

    The CySEC actively participates in the European and International affairs, through the:

    • Conclusion of bilateral and multilateral agreements in the form of memoranda of understanding (MOU) with Competent Foreign Supervisory Authorities,
    • Participation in committees and groups of the European Securities and Market Authority (ESMA),
    • Participation in the European Systemic Risk Board (ESRB)
    • Participation in the International Organization of Securities Commissions (IOSCO)
    • Participation in national working groups, which participate in the working groups of the Council of the European Union.

    The international cooperation is an essential to the CySEC’s work, in view of the increasing globalization component of financial markets, together with the increasing number and complexity of the supervised entities with cross-border activities.

    Social Responsibility

    The CySEC, recognizing the positive contribution of Corporate Social Responsibility (CSR) to society, has adopted as part of its long-term strategy, various actions for contributing to society and implements several initiatives related to social responsibility.

    Conclusion

    The role, duties and responsibilities given to CySEC are of great importance to the whole Cypriot economy and thus CySEC is very strict, precise and pay high attention to detail. Companies which are under its supervision often find it hard to keep up with the pace of the fast-changing regulations and the stringent demands of the regulator.

    Nevertheless, the ultimate responsibility of CySEC is to safeguard the interests of the investors, hence the primary commitment is to them.

    Please visit our FS Advisory pages for more information.

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