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Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec

Michalaki, Pitsillidou Law Firm > English Articles  > Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec

Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec

Cyprus Legal Rights and Processes when Defrauded by Forex Companies Registered in Cysec

Foreign exchange fraudis any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market.

Frauds might includechurningof customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits,false advertising etc.

CY SEC

The Cyprus Securities and Exchange Commission  (CySEC) provides public access to information regarding the process for how to obtain a CIF authorization as well as listed the current and past CySEC authorized companies.

Disciplinary Offences

According to the Law 65(I)/2014, there are Disciplinary Offences, a person in the service of the Commission who is convicted of the offence of violation of his duty of confidentiality and observance of the rule of professional secrecy or who is convicted of an ignominious offence or an offence of moral turpitude or acts in violation of his terms of service or the lawful decisions or instructions of the Board or his supervisor, commits a disciplinary offence punishable in accordance with the provisions of Regulations issued pursuant to this Law.

Competent disciplinary

The Board shall be the competent disciplinary body for the exercise of disciplinary control over persons in the employment of the Commission, and they,

  • shall address disciplinary violations ex officio or following a complaint submitted thereto for investigation in accordance with the disciplinary procedure determined for this purpose.
  • may suspend the accused person while the complaint against him is being investigated until the issuance of a decision on the disciplinary offence.

For more information and guidance get in touch with our lawyers or email iMPK Global Business Law Firm – Cyprus Lawyers, at info@impklawyers.com .Tel. +357 99345000 – Fax +357 25 660097

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