CySEC, which is short for the Cyprus Securities and Exchange Commission, is the regulatory body responsible for overseeing and supervising the financial sector in Cyprus.
CySEC History
CySEC Cyprus was established in 2001 as part of a broader effort to modernize and regulate the financial sector in Cyprus. The agency was created to provide a more effective and efficient approach to financial regulation, with a greater emphasis on investor protection and market integrity.
CySEC Scope
CySEC Cyprus has a broad scope of responsibility, with the main objective being the protection of investors and the integrity of the financial markets in Cyprus. The agency is responsible for regulating and supervising a range of financial activities, including securities offerings, trading, and reporting.
CySEC Supervision
One of the key functions of CySEC Cyprus is to ensure the safety and stability of the financial sector in Cyprus. To achieve this, the agency has the power to supervise and regulate all financial institutions operating in the country. CySEC Cyprus monitors the financial health of these institutions, assesses their risk management practices, and ensures that they comply with relevant regulations and laws.
CySEC Compensation Guarantee
CySEC Cyprus provides a compensation scheme to protect investors in the event of a member firm’s insolvency or bankruptcy. The Investor Compensation Fund provides coverage for investors up to a maximum of €20,000 per eligible claim, per investor. This helps to protect investors from potential losses and provides a safety net for their investments.
Organization Type
CySEC Cyprus is an independent government agency, and as such, it is funded by the Cyprus government. The agency is governed by a Board of Directors, which is composed of representatives from the financial industry, the academic community, and other public institutions. The Board is responsible for setting the policies and procedures of the agency, and for overseeing its operations.
Specification: CySec
|