Stone Edge Capital, yet another Cyprus-registered financial services company, got a financial services provider license from the Cyprus Securities and Exchange Commission (CySEC).
It appears that the watchdog is making up for the delay in announcing board decisions as this, much like the others published in the past several weeks, is actually taken on August 9.
Stone Edge Capital has permission to execute a wide array of investment services, such as reception and transmission of orders in relation to one or more financial instruments, execution of orders on behalf of clients, dealing on own account, portfolio management and investment advice. Obviously, this would be yet another forex broker offering trading in various instruments as well as financial advice and analysis.
According to the website CY-check.com, the company has an address in Limassol. It was registered on January 27, 2016 and its current status is active.
In Cyprus, financial service providers cannot do business without having an authorization. They need to hold a license from the relevant authorities in the country or in any other EU member.
The CySEC provides two types of CIF licenses – limited, under which the financial company can execute orders on behalf of clients, but not on its own account, and full license, which allows an entity to act on both its own behalf and that of clients.
Cyprus is a popular regulation destination for forex brokers, as the country is in the EU and a Cyprus license opens the door to doing business in all 28 EU member states. CySEC is a reputable regulator, however, somewhat more lenient than, for example UK’s Financial Conduct Authority (FCA) and the license fees in Cyprus are much lower.
Recently CySEC has stepped up its oversight activities and is no shy to suspend licenses, impose fines and withdraw the licenses of the serious violators of Cyprus’ financial laws.
The CySEC licenses, supervises, and regulates players on the local capital market. Its managing board consists of five members, each one of which serves a term of five years.