The Cyprus Securities and Exchange Commission (CySEC) has
issued a statement about the European Securities and Markets Authority (ESMA)
recommendations on cross-border activities supervision.
“CySEC welcomes the Peer Review on NCA’s supervision of
cross-border activities of investment firms. CySEC has long observed the shared
risks these activities can present and has been at the forefront of developing
specific policies and initiatives to ensure that investors across the EU are
adequately protected, as well as drive innovation in the sector. However, while
the report is extremely valuable and useful, the reviews that form the basis of
the Peer Review cover the period August 2018 – August 2020 and therefore do not
fully reflect CySEC’s current status or the significant changes that have taken
place since then,” the Cypriot authority commented in a statement sent to
Finance Magnates.
In the area of cross-border activities, the EU supervisor
reviewed the supervision of six National Competent Authorities (NCAs). They are
the financial market regulators in the Netherlands, Germany, Czech Republic,
Luxembourg, Cyprus, and Malta.
The review covered seven subjects: authorizations, passport
notifications, ongoing supervision, daily supervision, investigations and
inspections, exchanges and cooperation with NCAs, and enforcement/sanctioning.
Moreover, CySEC, which oversees the financial services
companies in Cyprus, was provided with two recommendations by the EU regulator.
NCAs are the first to receive ESMA’s Article 16 recommendations.
Specific Instructions
CySEC aims to
increase the human resources needed to supervise cross-border services provided
by Cypriot investment firms. In addition, CySEC’s supervisory activities,
including keeping track of and enforcing compliance measures, should be
strengthened, according to the EU regulator.
“Since the review, CySEC has developed additional policies
and initiatives to enhance the efficiency and effectiveness of supervision, and
taken a bolder approach to tackling serious misconduct. To drive a sustainable
culture of compliance, CySEC has significantly expanded its supervisory team,
and invested heavily in new technology and data-driven systems that further
enhance our ability to supervise the activities of regulated entities,” CySEC
said in the statement.
They added: “In addition, CySEC has acquired a specialized
system for monitoring supervised entities’ online marketing activities that is
able to identify and analyze relevant material from any source globally
including social media channels, news sites, forums, blogs, video sites and ad
networks, covering 187 languages. This allows CySEC to identify and address
aggressive marketing practices and proactively identify intelligence on
incoming/outgoing cross-border activities of firms.”
The Cyprus Securities and Exchange Commission (CySEC) has
issued a statement about the European Securities and Markets Authority (ESMA)
recommendations on cross-border activities supervision.
“CySEC welcomes the Peer Review on NCA’s supervision of
cross-border activities of investment firms. CySEC has long observed the shared
risks these activities can present and has been at the forefront of developing
specific policies and initiatives to ensure that investors across the EU are
adequately protected, as well as drive innovation in the sector. However, while
the report is extremely valuable and useful, the reviews that form the basis of
the Peer Review cover the period August 2018 – August 2020 and therefore do not
fully reflect CySEC’s current status or the significant changes that have taken
place since then,” the Cypriot authority commented in a statement sent to
Finance Magnates.
In the area of cross-border activities, the EU supervisor
reviewed the supervision of six National Competent Authorities (NCAs). They are
the financial market regulators in the Netherlands, Germany, Czech Republic,
Luxembourg, Cyprus, and Malta.
The review covered seven subjects: authorizations, passport
notifications, ongoing supervision, daily supervision, investigations and
inspections, exchanges and cooperation with NCAs, and enforcement/sanctioning.
Moreover, CySEC, which oversees the financial services
companies in Cyprus, was provided with two recommendations by the EU regulator.
NCAs are the first to receive ESMA’s Article 16 recommendations.
Specific Instructions
CySEC aims to
increase the human resources needed to supervise cross-border services provided
by Cypriot investment firms. In addition, CySEC’s supervisory activities,
including keeping track of and enforcing compliance measures, should be
strengthened, according to the EU regulator.
“Since the review, CySEC has developed additional policies
and initiatives to enhance the efficiency and effectiveness of supervision, and
taken a bolder approach to tackling serious misconduct. To drive a sustainable
culture of compliance, CySEC has significantly expanded its supervisory team,
and invested heavily in new technology and data-driven systems that further
enhance our ability to supervise the activities of regulated entities,” CySEC
said in the statement.
They added: “In addition, CySEC has acquired a specialized
system for monitoring supervised entities’ online marketing activities that is
able to identify and analyze relevant material from any source globally
including social media channels, news sites, forums, blogs, video sites and ad
networks, covering 187 languages. This allows CySEC to identify and address
aggressive marketing practices and proactively identify intelligence on
incoming/outgoing cross-border activities of firms.”
Source: https://www.financemagnates.com/forex/cysec-comments-on-recent-peer-review-made-by-esma/
CySEC Comments on Recent Peer Review Made by ESMA
The Cyprus Securities and Exchange Commission (CySEC) has
issued a statement about the European Securities and Markets Authority (ESMA)
recommendations on cross-border activities supervision.
“CySEC welcomes the Peer Review on NCA’s supervision of
cross-border activities of investment firms. CySEC has long observed the shared
risks these activities can present and has been at the forefront of developing
specific policies and initiatives to ensure that investors across the EU are
adequately protected, as well as drive innovation in the sector. However, while
the report is extremely valuable and useful, the reviews that form the basis of
the Peer Review cover the period August 2018 – August 2020 and therefore do not
fully reflect CySEC’s current status or the significant changes that have taken
place since then,” the Cypriot authority commented in a statement sent to
Finance Magnates.
In the area of cross-border activities, the EU supervisor
reviewed the supervision of six National Competent Authorities (NCAs). They are
the financial market regulators in the Netherlands, Germany, Czech Republic,
Luxembourg, Cyprus, and Malta.
The review covered seven subjects: authorizations, passport
notifications, ongoing supervision, daily supervision, investigations and
inspections, exchanges and cooperation with NCAs, and enforcement/sanctioning.
Moreover, CySEC, which oversees the financial services
companies in Cyprus, was provided with two recommendations by the EU regulator.
NCAs are the first to receive ESMA’s Article 16 recommendations.
Specific Instructions
CySEC aims to
increase the human resources needed to supervise cross-border services provided
by Cypriot investment firms. In addition, CySEC’s supervisory activities,
including keeping track of and enforcing compliance measures, should be
strengthened, according to the EU regulator.
“Since the review, CySEC has developed additional policies
and initiatives to enhance the efficiency and effectiveness of supervision, and
taken a bolder approach to tackling serious misconduct. To drive a sustainable
culture of compliance, CySEC has significantly expanded its supervisory team,
and invested heavily in new technology and data-driven systems that further
enhance our ability to supervise the activities of regulated entities,” CySEC
said in the statement.
They added: “In addition, CySEC has acquired a specialized
system for monitoring supervised entities’ online marketing activities that is
able to identify and analyze relevant material from any source globally
including social media channels, news sites, forums, blogs, video sites and ad
networks, covering 187 languages. This allows CySEC to identify and address
aggressive marketing practices and proactively identify intelligence on
incoming/outgoing cross-border activities of firms.”
The Cyprus Securities and Exchange Commission (CySEC) has
issued a statement about the European Securities and Markets Authority (ESMA)
recommendations on cross-border activities supervision.
“CySEC welcomes the Peer Review on NCA’s supervision of
cross-border activities of investment firms. CySEC has long observed the shared
risks these activities can present and has been at the forefront of developing
specific policies and initiatives to ensure that investors across the EU are
adequately protected, as well as drive innovation in the sector. However, while
the report is extremely valuable and useful, the reviews that form the basis of
the Peer Review cover the period August 2018 – August 2020 and therefore do not
fully reflect CySEC’s current status or the significant changes that have taken
place since then,” the Cypriot authority commented in a statement sent to
Finance Magnates.
In the area of cross-border activities, the EU supervisor
reviewed the supervision of six National Competent Authorities (NCAs). They are
the financial market regulators in the Netherlands, Germany, Czech Republic,
Luxembourg, Cyprus, and Malta.
The review covered seven subjects: authorizations, passport
notifications, ongoing supervision, daily supervision, investigations and
inspections, exchanges and cooperation with NCAs, and enforcement/sanctioning.
Moreover, CySEC, which oversees the financial services
companies in Cyprus, was provided with two recommendations by the EU regulator.
NCAs are the first to receive ESMA’s Article 16 recommendations.
Specific Instructions
CySEC aims to
increase the human resources needed to supervise cross-border services provided
by Cypriot investment firms. In addition, CySEC’s supervisory activities,
including keeping track of and enforcing compliance measures, should be
strengthened, according to the EU regulator.
“Since the review, CySEC has developed additional policies
and initiatives to enhance the efficiency and effectiveness of supervision, and
taken a bolder approach to tackling serious misconduct. To drive a sustainable
culture of compliance, CySEC has significantly expanded its supervisory team,
and invested heavily in new technology and data-driven systems that further
enhance our ability to supervise the activities of regulated entities,” CySEC
said in the statement.
They added: “In addition, CySEC has acquired a specialized
system for monitoring supervised entities’ online marketing activities that is
able to identify and analyze relevant material from any source globally
including social media channels, news sites, forums, blogs, video sites and ad
networks, covering 187 languages. This allows CySEC to identify and address
aggressive marketing practices and proactively identify intelligence on
incoming/outgoing cross-border activities of firms.”
Source: https://www.financemagnates.com/forex/cysec-comments-on-recent-peer-review-made-by-esma/