The Cyprus Securities and Exchange Commission (CySEC) has
announced an extension of the suspension of the authorization for Cyprus
Investment Firm FTX (EU) Ltd.
FTX Suspension Extended Until 2025
This decision follows earlier announcements over the past
year and a half regarding the company’s compliance . The suspension is now
extended until late May 2025, providing the company time to meet the
requirements of the Investment Services and Activities and Regulated Markets
Law of 2017.
During this suspension, FTX (EU) is prohibited from
providing or carrying out investment services or activities. The company cannot
enter into any business transactions or accept new clients. It is also barred
from advertising itself as a provider of investment services.
However, the company may complete transactions that are
currently in progress and return funds and financial instruments to existing
clients, as long as these actions align with client wishes. These transactions
will not be considered a violation of regulatory provisions during the
suspension period.
Finance Magnates has contacted FTX (EU) for a comment on
this matter. However, the firm has not yet responded as of the time of
publication.
New Guidelines Impact Cyprus Investment Firms
Cyprus’s financial regulator is permitting crypto-asset
service providers to operate under existing national regulations until the
implementation of new EU-wide rules.
The
CySEC announced that it will stop accepting notifications from European
Economic Area (EEA) firms for cross-border crypto services on October 30, 2024,
as reported by Finance Magnates.
Firms that submit notifications by this deadline can
continue their operations during a transitional period until July 2026 or until
they receive a MiCA authorization decision.
Additionally, CySEC
is adopting new guidelines from the European Banking Authority (EBA) for
FX/CFD brokers operating as Cyprus Investment Firms (CIFs), effective early
2025.
These guidelines clarify the group capital test for
investment firm groups under the Investment Firms Regulation, requiring
compliance with consolidated regulatory standards akin to those for banking
groups.
This encompasses capital adequacy, risk management, and
governance, while also defining conditions for CIFs to be considered simple and
low-risk, potentially allowing for special permissions regarding capital
requirements.
The Cyprus Securities and Exchange Commission (CySEC) has
announced an extension of the suspension of the authorization for Cyprus
Investment Firm FTX (EU) Ltd.
FTX Suspension Extended Until 2025
This decision follows earlier announcements over the past
year and a half regarding the company’s compliance . The suspension is now
extended until late May 2025, providing the company time to meet the
requirements of the Investment Services and Activities and Regulated Markets
Law of 2017.
During this suspension, FTX (EU) is prohibited from
providing or carrying out investment services or activities. The company cannot
enter into any business transactions or accept new clients. It is also barred
from advertising itself as a provider of investment services.
However, the company may complete transactions that are
currently in progress and return funds and financial instruments to existing
clients, as long as these actions align with client wishes. These transactions
will not be considered a violation of regulatory provisions during the
suspension period.
Finance Magnates has contacted FTX (EU) for a comment on
this matter. However, the firm has not yet responded as of the time of
publication.
New Guidelines Impact Cyprus Investment Firms
Cyprus’s financial regulator is permitting crypto-asset
service providers to operate under existing national regulations until the
implementation of new EU-wide rules.
The
CySEC announced that it will stop accepting notifications from European
Economic Area (EEA) firms for cross-border crypto services on October 30, 2024,
as reported by Finance Magnates.
Firms that submit notifications by this deadline can
continue their operations during a transitional period until July 2026 or until
they receive a MiCA authorization decision.
Additionally, CySEC
is adopting new guidelines from the European Banking Authority (EBA) for
FX/CFD brokers operating as Cyprus Investment Firms (CIFs), effective early
2025.
These guidelines clarify the group capital test for
investment firm groups under the Investment Firms Regulation, requiring
compliance with consolidated regulatory standards akin to those for banking
groups.
This encompasses capital adequacy, risk management, and
governance, while also defining conditions for CIFs to be considered simple and
low-risk, potentially allowing for special permissions regarding capital
requirements.
This post is originally published on FINANCEMAGNATES.
