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Regulatory Measures Push MAYZUS to Open a New FX Company

I guess most of you still remember the regulatory havoc that engulfed the Cypriot financial services industry, including the Forex sector, in the spring of 2013. And although the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus made attempts to help the companies by unfreezing some of the blocked funds in troubled banks, still the situation was quite complicated. Plenty of rules and directives were issued and the regulators attained a public image of having rather big teeth. 

 
And now, in the heat of the summer, we remember how tough the Cypriot regulation may be, as a new rule by the CySEC has pushed Limassol-headquartered Forex broker MAYZUS to announce plans for establishing a new business.
 
The notorious rule is CI144-2013-22: it was issued on July 26, 2013. In brief, it requires from all Cyprus Investment Firms (CIFs) to have authorization for the provision of their services from respective regulators in third countries, that is non-European Union countries. The companies have been given a very rough deadline to comply with the new rule: August 23, 2013.
 
Basically, companies like MAYZUS, which offer their services out of Cyprus not only to EU clients but also to those outside of the EU, should get all necessary regulatory permissions from all non-EU countries, where they offer services. And all this should be done in less than a month! Those CIFs that do not comply with the new rules and fail to obtain the necessary regulatory approvals within deadlines, face hard penalties: “withdrawal or suspension of the authorisation and/or imposition of an administrative fine” by the CySEC.  
 
No wonder then that MAYZUS has reacted so radically, warning that it will not be able to comply with this rule. The broker had two options: to give up servicing its clients outside of the EU; to set up another entity that will service the non-EU clients. The company opted for the latter and in the coming weeks we'll all know what exactly the new company will be and where it will be located. The EU-based clients will not feel any changes after the opening of the new business, but the changes will affect the non-EU clients: their accounts will be transferred to the new company.
 
Can we help the broker in choosing the location for its new business – I personally suggest Australia with its friendly economic climate and flexible FX regulation. For example, the broker would be able to keep the maximum level of leverage at 1:500, as there is no cap on leverage in Australia. 
 
In conclusion, let's note that MAYZUS is not among the FX brokers that shun regulatory requirements: it has licenses for its operations in 15 countries, complies with the MIFID rules and is a member of the Cyprus Investor Compensation Fund. And when such a responsible company is forced to take extreme measures, it does not speak well of regulators. So, let's wish good luck to MAYZUS in its endeavor! 
 
 

About MAYZUS

 
MAYZUS Investment Company is a Forex broker registered and regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker offers a wide range of trading platforms, including ECN and STP ones, fixed and variable spreads starting from 2 pips and leverage of up to 1:500.
 
MAYZUS Investment Company's clients enjoy an excellent customer support team, various bonuses and promotions, and a rebate program.
 
The company's technological infrastructure is designed to support an around-the-clock trading environment with almost 100% uptime. Systems are rigorously tested and connected through multiple Tier 1 Internet Service Providers, ensuring uninterrupted connectivity for clients worldwide.
TAGS: mayzus  mayzus investment company  mayzus forex broker  cyprus  regulation  forex trading  new forex business  cysec rules 

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