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CySEC: CIFs Must Submit List of Third-Countries in which they Operate

CySEC: CIFs Must Submit List of Third-Countries in which they Operate

Cyprus financial regulator CySEC, as part of its crackdown on the operations and business practices of licensed Forex, CFD and Binary Options brokers which operate in the country, has issued a new Circular entitled “Freedom to provide investment and ancillary services and/or perform investment activities in a third country.”

In the Circular signed by CySEC Chairman Demetra Kalogerou, the Cyprus regulator has requested that each CIF regulated broker on the island submit by the end of May a list of third-countries in which the broker provides investment and ancillary services and/or performs investment activities. For each country, the broker must state whether a legal advice or letter/official document has been obtained. The CIFs are not obliged to submit the relevant supporting evidence to CySEC, but this will be available for inspection when CySEC deems necessary.

The submissions must be signed by all board members of each CIF, LeapRate reports.

 

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