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CySEC Requests Forex Brokers to Provide More Information

The Cyprus Securities and Exchange Commission (CySEC), the Cypriot financial services watchdog, yesterday issued a circular (CI144-2014-05), which demands additional data about the operations of investment firms. The circular informs Cyprus Investment Firms (CIFs) of the development of a risk based supervision framework (RBS-F), which will contain all of the procedures that will enable the Commission to assess and account for the risks associated with the work of every regulated investment firm.
The process of the development of the framework will take about 12 months and CySEC insists for the input of Forex brokers and other investment firms. And, as many of you know, the Cypriot watchdog does not like waiting for what it wants, so Forex brokers should provide the necessary information until February 3, 2014. This will give the employees of these companies extra hours of work during the week-end.
The CIFs should complete a table demanding data about performance for the whole of 2013. More particularly, the regulator wants the companies to specify:
- the total number of active clients (retail, professional, etc.);
- the number of clients per country (Cyprus, other European Union country, Commonwealth of Independent States, Israel, Other);
- assets under management;
- volume of transactions of clients;
- volume of transactions with own funds;
- the volume of transactions as a market maker (in case applicable);
- the balance of clients assets.
The requirements are somewhat strange, given the stunning absence of a field asking for data about segregated accounts and funds held within Cyprus and outside of the country. This will be much more elucidating instead of reporting of the number of clients per country. The whole table resembles a simple data sheet demanding more information about customers in a marketing-survey mode. 
The CySEC says that the RBS-F will help it tighten its oversight over financial businesses in Cyprus although any company regulated there would perhaps claim that the rules are stringent enough. The latest circular comes just a week after the watchdog issued a controversial announcement, labeling Forex bonuses related to trading activity unlawful as they violate customer rights. Apparently, more requirements are in the pipeline and Cypriot investment firms should prepare their staff for some paperwork to handle. 
TAGS: cysec  cyprus securities and exchange commission  cysec rules  forex regulation  cyprus forex broker  forex market  cyprus forex  forex volumes  forex information  forex clients  customers 
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