Cyprus’ CySEC grants CIF license to Spot Trading S.T. Ltd

Cyprus’ CySEC grants CIF license to Spot Trading S.T. Ltd

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The Cypriot financial regulatory authority, the Cyprus Securities and Exchange Commission (CySEC), has granted license to Spot Trading S.T. Ltd. for investment and ancillary services, according to data published on the regulator’s website.

The license was obtained on 16 February, 2016, and is currently non-activated. It allows the company to execute orders on behalf of clients, but not on its own account. The CySEC provides two types of Cypriot Investment Firm (CIF) licenses – limited and full.

Spot Trading CySECUnder the Cypriot regulations, CySEC grants companies a CIF license that is not activated. Companies are not allowed to provide financial services until they receive an active license status. To make the change, the regulator requires companies to meet certain conditions.

Financial service providers are not allowed to lawfully operate in Cyprus unless they hold a license by the CySEC or the relevant authorities in any other EU member state. A CySEC license, on its part, provides access to the EU markets.

To obtain a CIF license, companies need to meet a number of requirements, which are sometimes more harsh than in other countries. They need to present an initial capital of at least €200,000 for limited license or €1 million for full license. The watchdog exercises strict supervision over the markets in its jurisdiction. A CySEC license makes a broker appear more secure and attractive to traders.

CySEC regulation is preferred by many financial companies, forex and binary options brokers included. The watchdog licenses, supervises, and regulates players on the local capital market. The CySEC’s managing board consists of five members, each one of which serves a term of five years.

It has licensed more than 200 CIFs, including forex brokers FxPro, XM, FXTM, EXNESS, Hot Forex, and IronFX, among others.

In January, the CySEC granted a license to Avus Capital, a forex brokerage doing business as Trading 212 and licensed in the UK and Bulgaria, as well. Its license is yet to be activated.

Source: CySEC

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