Cysec

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The Cyprus Securities and Exchange Commission (CySEC) is the Cypriot government financial regulator. It was founded in 2004 after joining the EU to control the National Bank and the financial system, which was previously known as a tax haven.

history

CySEC was founded in 2004 after Cyprus joined the EU. The euro was introduced in Cyprus in 2008 , which is why the ECB used independent auditors to monitor both the Cypriot national bank and the financial system. Until 2012, these auditors were provided by Pricewaterhouse Coopers on behalf of CySEC. Another reason for founding CySEC was that Cyprus used to be a tax haven similar to the Cayman Islands and is trying to make up for this reputation, but this leads to relocations of many brokers who previously did their business due to the favorable tax position in Cyprus.

tasks

As the Cypriot financial supervisory authority, the CySEC is responsible for the control of the country's stock exchange. In connection with the country's accession to the EU, massive regulation of the financial market became necessary, in which the CySEC took on a decisive role. In addition, however, the control of online brokers, investment companies or other companies from the financial sector also falls within the scope of the authority. In order to enter the financial market, the respective company must meet certain requirements and standards. In addition, ongoing activities are also monitored by the Cypriot authorities. Official licenses are issued so that a company can prove such a control by the authorities. If the financial service provider violates the rules or specifications of the CySEC, the authority can also impose penalties. These can be minor penalties such as the payment of funds, but at the same time the license can be withdrawn.

Bosses

The head of the authority is Demetra Kalogerou, her deputy is Andreas Andreou. Kalogerou has been the chairman of CySEC since September 15, 2011, and her deputy has been in office since September 28, 2011.

Web links

Individual evidence

  1. ↑ cysec at devisenhandel-forex.de. (No longer available online.) Archived from the original on December 9, 2011 ; Retrieved August 17, 2010 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.devisenhandel-forex.de
  2. ↑ The tasks: What does the CySec regulation look like? Retrieved March 2, 2017 .
  3. ↑ BOARD. Retrieved March 2, 2017 (English).