2018: The year of the law suit! Cyprus-based regulatory and litigation executive explains all
Paul Foley of Cyprus based management consultancy TCG explains the important considerations of GDPR, MiFID II and how these impinge on regulators and regulated firms in Cyprus and Britain, including a look at ‘passporting’ with a focus on exposure to potential law suits
At the time of writing we have just seen the implementation of MiFID II (Markets in Financial Instruments Directive Part 2) and for a number of the SMEs out there this was not as smooth as they would have liked. These changes are typically known well in advance of implementation but for one reason or another a number of companies didn’t appreciate the complexity of the change or took a ‘Wait and see’ attitude.
For some of these changes a wait and see approach is plausible (although ill-advised) but for others the result could be being shut down or heavily fined. So why am I talking about law suits?
The next big change comes into law in May and it’s called GDPR (General Data Protection Regulation). The headline is that this is the replacement for the Data Protection Act, but that still doesn’t explain the comment about law suits.
When we consider locations to run a forex brokerage from or a number of other financial services businesses, we know that there are several reasons why Cyprus is the destination of choice and in the main it comes down to the barrier to entry, as in the barrier to entry is a lower here as CySec takes a comparatively reasonable approach to licensing. Being CySec regulated does however still provide the opportunity to passport into other European countries.
INFO : Finance Feeds
Paul Foley of Cyprus based management consultancy TCG explains the important considerations of GDPR, MiFID II and how these impinge on regulators and regulated firms in Cyprus and Britain, including a look at ‘passporting’ with a focus on exposure to potential law suits
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At the time of writing we have just seen the implementation of MiFID II (Markets in Financial Instruments Directive Part 2) and for a number of the SMEs out there this was not as smooth as they would have liked. These changes are typically known well in advance of implementation but for one reason or another a number of companies didn’t appreciate the complexity of the change or took a ‘Wait and see’ attitude.
For some of these changes a wait and see approach is plausible (although ill-advised) but for others the result could be being shut down or heavily fined. So why am I talking about law suits?
The next big change comes into law in May and it’s called GDPR (General Data Protection Regulation). The headline is that this is the replacement for the Data Protection Act, but that still doesn’t explain the comment about law suits.
When we consider locations to run a forex brokerage from or a number of other financial services businesses, we know that there are several reasons why Cyprus is the destination of choice and in the main it comes down to the barrier to entry, as in the barrier to entry is a lower here as CySec takes a comparatively reasonable approach to licensing. Being CySec regulated does however still provide the opportunity to passport into other European countries.
INFO : Finance Feeds
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