Chairman of Cyprus Securities and Exchange Commission (CySEC), Dr. George Theocharides, said:
George Theocharides
Source: LinkedIn
To achieve CySEC’s mission to exercise effective supervision, ensure investors’ protection and the healthy development of the capital market, CySEC is adopting changes to its supervisory processes when it comes to monitoring cross-border activities.
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This will ensure that poor practices and possible violations of the law are adequately identified, assessed, addressed, and prioritized when needed.
To achieve these goals, the regulator will obligate firms to appoint an internal auditor to undertake an investigation and submit a report after they received 20 and more complaints.
Additionally, CySEC is introducing more controls to probe the organisational structures of new applicants and to ensure they can adequately carry out and monitor cross-border activities. Focus will be placed even on advertising campaigns to safeguard against aggressive marketing behaviour, misleading information to investors, or any other abusive practices.
Dr. George Theocharides, added:
Those who seek to violate the law have no place in Cyprus. CySEC aims for a stronger, safer, more responsible market both in Cyprus and across Europe.
The Cypriot regulator announced in the beginning of the week of the launch of its new Investor Protection campaign, aiming to battle the growth international threat of investment harm. The campaign is part of the CySEC’s endeavors to warn investors against making investment decisions based on emotions and social pressure and urge them to operate with rational thinking and knowledge of the market.
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