CIF’s reporting to CySec
CySEC demands all Forex Brokers to report Brexit effects. Cyprus financial regulator CySEC has issued a note to all regulated entities on the island, asking them to report the effect of post-Brexit vote trading. The note, signed by CySEC Chairman Demetra Kalogerou, asks all CIF regulated entities to report the amount of their own funds, and also their capital adequacy ratio to CySEC. It appears as if CySEC wants to find out right away if there are any brokers out there with a ‘negative client balances’ problem, as happened to several brokers last year in the aftermath of the Swiss Franc spike.
Cyprus continous to be an attractive destination for CIF regulated entities and the demand expects to raise in the following months. iMPK Global Business Law Firm remains a competitive and an one stop solution for its clients.