Reason for this visit
Established in 2003, the Cyprus Securities and Exchange Commission (CySEC) is a financial services regulatory authority, overseeing financial products including securities, stocks, foreign exchange, etc., and its financial regulation and operations align with the European Unions MiFID financial framework.
Since Cyprus joined the EU in 2004, CySEC has become an integral part of the EU‘s Markets in Financial Instruments Directive (MiFID) regulations. This means that any company registered in Cyprus can freely bring its business into the entire European market. As a result, Cyprus has invisibly attracted more and more overseas companies to choose to register there. There has been a notable increase in overseas retail forex brokers who are eager to obtain CySEC regulation. Additionally, significant changes have occurred in Cyprus since it adopted the Euro in 2008. CySEC is now regarded as a reputable regulatory authority, and obtaining a CySEC license gives customers a more positive impression of a company. In brief, obtaining a CySEC license in Cyprus provides clients with a greater sense of security and protection. Furthermore, Cyprus not only has the lowest corporate tax rate among all EU member states but also aims to develop Cyprus’ stock market into the safest, most reliable, and attractive investment destination. In an attempt to provide investors with a tangible understanding of the current situation of brokers in Cyprus, WikiStock survey team is determined to go to the country for on-site visits to local companies.
On-site visit
In this issue, the survey team went to Cyprus to visit broker KEYWAY INVESTMENTS as planned according to its regulatory address that 18 Spyrou Kyprianou Avenue, Paraskevaides Tower, Suite 101, 1st Floor, CY 1075, Nicosia, Cyprus.
The investigators came to 18 Spyrou Kyprianou Avenue in Nicosia, Cyprus for a visit to the brokers office on March 21, 2024, and located Paraskevaides Tower, a 4-storey commercial building with a well-maintained façade, next to the street.
Upon arrival at the building for further investigation, the survey personnel spotted a directory both at the entrance and in the lobby, which displayed prominently that KEYWAY INVESTMENTS was situated in office 101.
After proceeding to office 101, the inspection team discovered easily the company name of KEYWAY INVESTMENTS at the door.
Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.
Conclusion
The survey team went to Cyprus to visit broker KEYWAY INVESTMENTS as scheduled, and found the companys office at its regulatory address. However, the team failed to enter the office to determine the actual company size. Accordingly, investors are advised to make a judicious decision following an overall consideration.
Disclaimer
The content is used for informational purpose only, and shall not be taken as a final order for making a choice.
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