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New Zealand's Forex Regulator FPS Helps Out Cypriot Brokers

Aug 06 2013

Last week we reported on CySEC implementing a somewhat ridiculous rule banning Cypriot brokers to offer services in jurisdictions where they are no licensed (i.e. anywhere outside the European Union). The deadline for seizing operations in non-authorized countries was initially set for the end of this month but was then pushed to October. 

Even with the extension, though, the new requirement didn't give brokers enough time to obtain new licenses – getting an authorization is usually a lengthy process that can sometimes take up to a year – and this is why many brokerages began seeking alternatives for their non-EU clients. The first such broker was Mayzus, which said it will be opening a new subsidiary but hasn't yet announced where. Briefly after that, XEMarkets informed its customers that it is getting authorization from Financial Service Providers (FPS) in New Zealand. 
Today, the New Zealand based company Archer Consultants sheds some more light on the matter. Apparently, the quick licensing by FPS is a conscious effort on behalf of the regulator to help out Cypriot brokers and enable them to continue their operations undisrupted. Archer Consultants also seems to be playing a major role in that, facilitating the registration process (read the full press release below). 
At the end of the day, this is a perfect example of how businesses and regulators work together to ensure smooth operations and keep the end customers happy, while powering local economies and maintaining healthy business environment. Something, that CySEC should definitely study, especially at a time when the economical situation in Cyprus is far from stable. 
Another Blow Delivered to CySEC Brokers, New Zealand FSP Comes to the Rescue

Napier, New Zealand (PRWEB) August 05, 2013

If the banking crisis in Cyprus that occurred just a few months ago did not have an impact on the Cypriot Forex and Binary Options brokers, the just announced passing of a new CySEC ruling now restricts its brokers from accepting client funds from Non-EU clients. This ruling is effective October 2013, stipulates that brokers who operate under a CySEC license and as a result comply with MiFID rulings which allow them to attract clients from all over Europe, including the UK, will no longer be permitted to solicit business from any jurisdiction outside of the European Union. The only exception to this ruling would require a potential client of a CySEC regulated company who resides outside of the EU to provide written authorisation from their local financial markets regulator attesting that a person or entity from their country is permitted to be a client of a CySEC regulated broker. Given the complexity of this process, the average retail client will choose to do business elsewhere.

The Asian & Middle East markets are two of the hottest and most sought after markets in the FX and Binary Options industry, it will now be more difficult than ever for a CySEC regulated broker to compete with other brokers that are regulated in less restrictive jurisdictions. How can they adapt to this new reality?

The New Zealand Financial Service Provider registration solution offered by Archer Consultants is considered to be one of the top requested solutions in the Middle East and Asian markets today. Although the regulatory environment has changed drastically in New Zealand within the last year, Archer Consultants has adapted to these changes and provides expert solutions to get registered and stay registered having successfully registered over 30 New Zealand FSPs.

Archer Consultants superior solution provides our clients contracted office services in New Zealand. Archer registered companies have full accounting, tax filing and compliance, AML/KYC audits, management of dispute resolution claims, as well as customer service and sales related services provided through our call centre. When your clients contact your brokerage's office in NZ, the trained Archer staff can assist in account registration, deposits, and withdrawals as well as account inquiries in coordination with your own office located anywhere else in the world. Utilisation of Archer Consultants services provides a complete Turn Key solution to your business while remaining compliant with the NZ registrar. It is a considerably fast, efficient, and effective solution.

About Archer Consultants 

Founded by Lior Shmuely, an expert in the B2B Forex and Binary Options markets, Archer Consultants specialising in B2B Solutions for the Forex and Binary Options industry, Archer International Consultants is comprised of experts in the field with a wealth of experience and proven successes behind them. Having worked with many of the top brokers worldwide, Archer continues its efforts in providing complementary solutions for our clients.


TAGS: forex  forex tradingl  forex broker  forex regulation  binary options  CySEC  New Zealand FPS 
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