Forex Financial Regulation in Cyprus
1.- What would be needed to operate in other EU jurisdictions, whether the Cyprus financial permission is automatic or some sort of formalities would have to be undertaken to extend the licence.
>> Through MiFID, the permission to operate in other EU jurisdictions after your Cyprus License has been activated, takes 1 month, time needed for the Cyprus Authorities to inform the other EU Authorities.
This needs no further authorisation or formalities or extension of License. If however, a branch shall need to be also set up, then some more forms and a business plan shall need to be submitted to the Cyprus Authorities for approval. However, again the other EU jurisdiction authorities have no jurisdiction over this. This is a Cyprus regulated firm.
2.- What is meant by “brokerage only” in Cyprus and what services exactly the client who wants to be registered would be able to provide.
“Brokerage Only” means to receive orders from his clients and automatically/immediately to transmit them to a liquidity provider for execution. That is, he is not a Market-Maker/Liquidity Provider himself. Instead he is a typical STP Broker or an Introducing Broker/White Label, for example.
“Brokerage Only” means to receive orders from his clients and automatically/immediately to transmit them to a liquidity provider for execution. That is, he is not a Market-Maker/Liquidity Provider himself. Instead he is a typical STP Broker or an Introducing Broker/White Label, for example.
3.-Minimum requirements for a company to obtain a licence in Cyprus, and whether every point of the quote bellow is absolutely indispensable.
>> To just obtain the license in Cyprus with Braxton you do not need any of these.
However, to activate the license (i.e. begin accepting clients), yes all of these are absolutely indispensable.
