Cyprus-Forum.com

[Get Real!]

Cyprus Securities and Exchange Commission bans FX firms from accepting non-EU clients!

"...Therefore, the Commission requests CIFs (Cyprus Investment Firms) to cease immediately the provision of services to third countries if they have not consulted with the competent authorities of those third countries that are allowed to do so within their territories."

http://www.cysec.gov.cy/Downloads/Circu ... ntries.pdf

Discussion elsewhere...

"CySEC’s controversial ruling, which is effective immediately, stipulates that brokers which operate under the CySEC license and as a result comply with MiFID rulings allowing them to attract clients from all over Europe, including Britain, will no longer be able to solicit business from any jurisdiction outside of the European Union, unless a potential client of a CySEC regulated company who resides in a non-EU member state can provide written authorization from the domestic financial markets regulator in the nation which that person is resident that such a person or entity is able to become a client of a CySEC regulated broker."

http://forexmagnates.com/get-out-cysec- ... u-clients/

[Get Real!]

Fixed PDF link.

[Maximus]

There are probably ways around it. Non-EU clients will be directed to an unregulated and separately registered business of the business entity, bypassing the regulators completely.

So, for example, you have ABC capital markets which is the CySEC regulated firm. Another company can be registered, XYZ capital markets that operates as a blue label of ABC capital markets but its not licensed or regulated and will only take the non-EU clients.

if the client asks, XYZ capital markets will have to tell them that the company is not licensed or regulated which could turn away the business though.

[Demonax]

Plan amended and moved back...

CySEC Backtracks On Non-EU Client Ban – Moves Implementation Date To October

Dr. Stelios Platis, Managing Director of law firm MAP S.Platis which specializes in legal procedure for Cyprus based FX and binary options companies explained to Forex Magnates after the ruling was set in place that “in every respect as regards the ruling by CySEC, let me confirm that the Association of Cyprus International Investment Firms (ACIIF) which I chair, has already objected strongly to this.”

” ACIIF has pointed out to CySEC a number of practical as well as legal arguments against its immediate implementation and enforcement whilst having requested an extension for any implementation or enforcement at least until the end of September in order for CySEC together with the sector to re-evaluate and re-assess the reason, need and purpose for this Circular in line with current EU policies and practices” Dr. Platis detailed.

Today, Dr. Platis met with CySEC officials in an attempt to mitigate the impact that these rulings could have on the industry, and returned from the meeting more confident of the future ability for FX brokers in Cyprus to continue their operations in a practical manner as his negotiations resulted in a suspension of the implementation date.

Dr. Platis explained today to Forex Magnates: “CySEC has made an amendment to the implementation date, extending it to the end of October and has also agreed to also accept a more practical approach to this issue as regards what is required as a proof for accepting third country clients.”

“I have to say that I am satisfied for now with this development, but most importantly it goes to show that CySEC, albeit strict, really does care about the sector and is willing to listen and be reasonable” stated Dr. Platis. He concluded by describing the outcome as being “A good overall development!”

http://forexmagnates.com/cysec-backtrac ... o-october/

[Get Real!]

Thanks for the update Demondude... I feel somewhat relieved!

[Maximus]

Thanks for the update Demondude... I feel somewhat relieved!

Do you work for a Forex company?

[CBBB]

Thanks for the update Demondude... I feel somewhat relieved!

Do you work for a Forex company?

GR doesn't even know what Forex means!

[supporttheunderdog]

Thanks for the update Demondude... I feel somewhat relieved!

Do you work for a Forex company?

GR doesn't even know what Forex means!

Yes he does. It's an Aussie beer,...
.... isn't it?

[Maximus]

Thanks for the update Demondude... I feel somewhat relieved!

Do you work for a Forex company?

GR doesn't even know what Forex means!

Yes he does. It's an Aussie beer,...
.... isn't it?

Yes, Castlemaine XXXX

[Get Real!]

Thanks for the update Demondude... I feel somewhat relieved!

Do you work for a Forex company?

GR doesn't even know what Forex means!

Who doesn't know Durex’s biggest rival...