CySEC has called for CIFs' attention to the AMF Forex and Binary Options online advertising ban Q&A. The document has some important information about AMF Forex and Binary Options online advertising ban.
20 July, AtoZForex – The Cyprus Securities and Exchange Commission (CySEC) has published an announcement for the Cyprus Investments Firms (CIF) on its website. The Cypriot regulator has issued an announcement in an attempt to draw CIFs attention to the AMF’s position in the form of Q&As. The French regulator has earlier issued a national legislation regarding the prohibition of electronic advertising to retail investors. The rules are applicable for those, who offer speculative, complex and risky products in the territory of France.
CySEC reiterates AMF Forex and Binary Options online advertising ban Q&A
The AMF has issued the Q&A document, aiming to clarify the scope of the prohibition. The prohibition rules of marketing communications also apply to the CIFs that intend to operate in France.
According to the announcement from CySEC, those firms, which provide investment services relating to the financial contracts for difference (CFDs) and other complex and speculative products in the territory of France, need to abide the AMF’s position. The firms that offer Binary Options and Forex contracts to retail clients through the branch or cross border also need to read the AMF’s position Q&A. The CySEC has stated:
“CIFs may visit the AMF website to read more information on the aforementioned. CySEC herewith advises CIFs to consult with their legal consultants regarding the necessary legal actions required to ensure full compliance with AMF’s prohibition rules on marketing communications, to any persons who may qualify as retail clients.”
The AMF’s Q&A specifies the financial derivatives within the scope and the financial promotions targeted under the prohibition among other essential topics.
CySEC Abu Dhabi Financial Services Regulatory Authority MoU
CySEC has informed the public about the signing of a bilateral Memorandum of Understanding and Cooperation (MoU). The Cypriot regulator has signed the MoU with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The ADGM is the International Financial Centre in Abu Dhabi.
The CySEC reports that the MoU was signed by Mr. Richard Teng, Chief Executive Officer of the FSRA of ADGM and Mrs. Demetra Kalogerou, Chairman of CySEC.
The signing of a MoU aims to further improve the cooperation between the supervisory authorities. Moreover, the MoU looks into ways to facilitate the exchange of relevant and appropriate data and technical know-how.
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