CySEC has no restitution powers


22 October, AtoZForex.com, Amsterdam  Back in July and September the Cyprus Securities and Exchange Commission, commonly referred to as “CYSEC”, has announced updates the rules of Cyprus Investment Firms. Encompassing the improved licenses activation procedure and the identification of licensed CIFs.

Having updated the Cyprus Investment Firms, the Cypriot regulator has now turned its attention to the traders and investors with recent public announcement. Herein, the issue of investors claiming damages from CIFs has been clarified further.

Starting off, the Cypriot regulator stresses out that CySEC has no restitution powers. Meaning that any complaints submitted to CySEC by investors or traders, are: “Taken into consideration in the performance of its supervisory mandate.”

How complaints against CIF are handled:

Therefore, the Cyprus Securities and Exchange Commission reminds the public again that anyone who has a complaint over a CIF and is looking to claim damages, needs to submit their dispute to the Financial Ombudsman.

From the announcement derived, CySEC has provided the contact details of the Financial Ombudsman:

Address:13 Lord Byron Avenue, 1096 NICOSIA
Phone:22848900
Fax:22660584, 22660118
E-mail:fin.ombudsman@financialombudsman.gov.cy
Website:www.financialombudsman.gov.cy

Aside the general contact details of the Financial Ombudsman, which are stated above, the direct the email for investors and traders to submit their complaints over a CIF is: complaints@financialombudsman.gov.cy.

Think we missed something? Let us know down in the comments section.

    Share Your Opinion, Write a Comment