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Forex Brokers in Cyprus CySEC is one of the most popular regulatory agencies in the world when it comes to regulating all types of financial companies operating out of Cyprus. The Cyprus Securities And Exchange Commission was introduced way back in 2001, even before Cyprus joined the European Union in 2004. Cyprus is a highly popular attraction for Forex brokers who wish to set up base in a relatively easy and convenient location. Cyprus offers a lot of advantages when it comes to setting up a corporate headquarter, which is one of the main reasons why Cyprus sees the maximum number of Forex brokers offering financial services for traders across the world. Why Are CySEC Regulated Brokers Popular? CySEC has relatively easy regulatory guidelines and a fast approval process that allows CySEC regulated brokers to set up camp in Cyprus with minimum formalities. CySEC also used to be broker friendly in terms of fines or suspension of licenses for misdeeds, which attracted criticism from all quarters of the globe, especially from other European Union members and their regulatory agencies.
CySEC regulated Forex brokers have been known to indulge in financial malpractices and fraud, which had resulted in clients losing millions of dollars on an annual basis. A Pioneer In The Field Of Regulations While CySEC received wide-spread criticism for its governing policies during the initial days, CySEC is clearly a pioneer in terms of bringing ground-breaking regulatory guidelines that changed the financial markets for the better. Since 2012, CySEC has been continuously updating their regulatory framework to incorporate several new initiatives that are designed to safeguard consumers against financial crimes and abuse. CySEC now works extensively with the European MiFID to create guidelines that concentrate on ensuring that all compliant members are honest in their dealings with the general public to ensure the integrity of the markets. Unlike the NFA or CFTC, CySEC does not entertain consumer complaints directly.