July 9, AtoZForex.com Lagos – The Cyprus securities and exchange commission has 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.
The regulator states 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, is hereby amended as follows:
- CySEC will continue to assess applications for granting of authorization and will continue to take decisions regarding the granting of authorization according to current practice – in accordance to any relevant legislation
- The decision to grant authorization will be published on CySEC’s website with the reference ( Non activated). As such, no other certificate (hard copy) will be issued thereafter.
- Following the aforementioned publication, a letter will be sent to the authorized firm which will contain, among others, the conditions the firm must comply with before its activation. It is understood that the firm will not be permitted to provide any type of services, for which it has received authorization, until it has fully complied with the conditions of its activation.
To view the full report, click here.
A few months back, the regulator updated its regulations as regards websites of Cypriot Investment Firms (CIFs). The new rules create a broader platform to fight against clone websites and many sorts of fraudulent schemes. All active web addresses of any CIF firm has to be registered with CySEC and such firms have to possess a unique address.
This makes it such that extreme similarities in web names are avoided, therefore making it more difficult for fraudulent firms to operate. The practice of cloning of broker sites and firm’s details has been on the rise lately, prompting the regulator to update its rules to mitigate against such potential frauds.
