July 28, AtoZForex.com, Lagos – The Cyprus securities and exchange commission has made obvious efforts to fortify its regulatory oversight in recent times. The regulator has often been criticized for being too relaxed in its regulatory activities. In a bid to further strengthen its grip on the region’s financial activities, CySEC has now demanded a full list of all call centers worldwide from its licensed brokers (CIFs).
Considering that CySEC regulated firms could operate from various other regions carrying out different kinds of operations, the regulator perceives a risk to this as it becomes increasingly difficult to properly over see the actions of these firms, hence the new requirement of brokers' Call Centre Information. The regulators have not specified exactly how they hope to use this information, regarding the call centers of locally licensed brokers.
In similar vein, the regulator recently updated its CIF licenses activation procedure. It released a new report, informing firms on updates of CIF licenses activation procedure. This steps have been taken in a bid to improve the process of activation of persons who have obtained CySEC license, and in order to avoid, as much as possible, legal and practical issues which often arise in such circumstances. It stated that: “CySEC would like to inform all interested parties, who have already obtained a relevant license but have yet to be activated or who have applied for authorization, that the process starting from the date of granting the authorization of a new firm until the date of its activation".