Cyprus Mail

Cyprus needs better legislation to monitor high risk investment firms


By Stelios Orphanides

Cypriot authorities need more powers to effectively regulate investment companies offering high risk investment products, including foreign exchange trading, in order to both protect consumers as well as its reputation as a financial centre

Today, forex companies, investment firms offering their customers the opportunity to engage in foreign exchange trading and other complex investment products make up almost one third of the more than 190 investment firms regulated by the Cyprus Securities and Exchange Commission (CySEC) with the rest offering traditional investment services, chairwoman Demetra Kalogerou said.

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