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 [17].
A Complete Guide to CySEC Regulations
CySEC is administrated by a five-member Board which is composed of the Chairman and the Vice-Chairman, that are employed full-time, plus three other members. In addition the Governor of the Central Bank of Cyprus is represented by a non-voting board member.
The members of Board are named by the Council of Ministers following a proposal of the Minister of Finance and their service is a five-year term. CySEC has experienced very high growth rates of registrations and pioneering legislation in regards to specific financial services.
Throughout and , CySEC has received criticism from traders and industry commentators who claimed that the organization required better legislation regarding the regulation and monitoring of high risk investment firms. Most of the criticism came in regards to specific binary option brokers.
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CySEC was the first financial regulator aiming to regulate binary options. As such, binary option brokers, including prominent ones, are either registered or attempting to register with CySEC to be able to legally operate within the Eurozone or to be trusted internationally. CySEC has implement sweeping changes to both the registration and regulation processes of all registered entities.
Top 10 CySec Regulated Binary Options Brokers
Firms providing investment and other ancillary services employ individuals who hold relevant qualifications. In accordance with state law, an investment firm employee involved in the provision of investment services or the carrying out of investment activities, must be registered in the public register of certified persons after passing the exams.
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Today, CySEC updated its list of brokers, who are considered to be unauthorised in the eyes of the financial regulator. In Cyprus, each broker needs to obtain the CIF license first, before the financial entity can offer investment services to the traders in the country.
Cyprus Securities and Exchange Commission
On a regular basis, the local watchdog monitors the market for unauthorised Forex and Binary Options domains. In the recent announcement of Cyprus Securities and Exchange Commission, the Forex brokers listed below are considered to be lacking a CIF license to offer their financial investment services. That puts us to the question; is Admiral Markets an unauthorized domain? Binary options regulation clampdown started with a controversial decision by US regulators back in to limit operations of the instrument in the region.
Ever since, a number of stiff penalties have been levied upon binary brokers found to be offering the product to US residents. The Banc de Binary case is an example of how multiple regulators can clamp down on a single firm.
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Speaking of the Cypriot Securities and Exchange commission CySEC , the financial regulator presently stands as one of the most notable regulators of the controversial instrument. The regulator however, has a good reason to do so, considering its stiff stance against broker malpractices, therefore forcing brokers to act accordingly to fair market practices if they are to continue operations across the European Union. Meanwhile we can expect the CySEC governing body to start getting more and more stricter on binary options regulation and issuing new Binary options licenses and putting those of White Label Binary options suppliers such as Banc de Binary, O-SYSTEMS, SpotOption, Hello Markets and others into strict regulatory standards, where many of such platform providers offer their white label Binary options platforms to unregulated entities.
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