Cyprus Security and Exchange Commission

Silent Trader

Junior member
17 0
Cyprus was once a tax haven. Until they joined the EU they operated under less than stringent regulatory and oversight requirements. *Increasing Risk*

Cyprus joined the EU in 2004 and have access to much larger markets leading to a tightening of regulations to align with the rest of the EU - though it is still easier to set up a brokerage there than other, nearby EU states.

CySEC is subject to a European law known as the Markets in Financial Instruments Directive (MiFID) created to unify the members. MiFID text is found here: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2004:145:0001:0044:EN:PDF

Lack of oversight and stringent requirements on overseas brokerage houses *increases risk*.

ST
 
 
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