Registration and Licensing
IFCM Cyprus Limited is a CIF (Cyprus Investment Firm) registered under the number HE 276909. It is licensed by the CySEC (Cyprus Securities and Exchange Commission) under the license number 147/11. IFCM Cyprus Limited is also a member of the ICF (Investment Compensation Fund) for Clients of CIFs (Cyprus Investment Firms).
The company complies with the MiFID (Markets in Financial Instruments Directive) the European Commission's law regulating investment services across members of the European Economic Area (the 27 Member States of the European Union as well as Iceland, Norway and Liechtenstein).
IFCM Cyprus Limited is authorized to provide the following services:
- Reception and transmission of orders in relation to one or more financial instruments
- Execution of orders on behalf of clients.
- Dealing on own account.
Additionally it is authorized to offer the Ancillary Services of:
- Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management;
- Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction;
- Foreign exchange services where these are connected to the provision of investment services.
The above services are authorized to be offered in connection with the following instruments.
- Transferable securities;
- Money-market instruments;
- Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;
- Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event);
- Financial contracts for differences (for differences in relation to MiFID instruments, currencies, interest rates or other financial indices).
CySEC (Cyprus Securities and Exchange Commission) http://www.cysec.gov.cy/cysec_en.aspx
The Cyprus Securities and Exchange Commission was established in accordance with section 5 of the Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001 as a public corporate body. (http://www.cysec.gov.cy/existing_laws_en.aspx)
The Cyprus Securities and Exchange Commission has the following responsibilities:
- To supervise and control the operation of the Stock Exchange and the transactions carried out in the Stock Exchange.
- To supervise and control the issuers of securities listed on the Stock Exchange, the Licensed Investment Services Companies as well as the Collective Investment Schemes.
- To carry out inspections over companies, the securities of which are listed on the Stock Exchange, over brokers and brokerage firms, investment consultants, mutual fund management companies.
- To request and collect information necessary for the exercise of its responsibilities, to demand in writing the provision of information from all natural or legal persons or organisations that are considered to be in a position to provide such information.
- To grant operation licences to investment firms, including investment consultants, brokerage firms and brokers. http://www.cysec.gov.cy/licence_members_1_en.aspx
- To recall these operation licences for special reasons, as it is more specifically determined in Regulations that are published in accordance with the Law of Establishment of the Cyprus Securities and Exchange Commission.
- To impose administrative sanctions and disciplinary penalties to brokers, brokerage firms, investment consultants as well as to in any other legal or natural person whom fall under the provisions of the Stock Market legislation.
MiFID (Markets in Financial Instruments Directive) http://ec.europa.eu/internal_market/securities/isd/index_en.htm
The MiFID is a European law that regulates investment services across the 30 member states of the European Economic Area. The Directive as a part of the European Commission's Financial Services Action Plan is designed to increase competition and consumer protection in investment services.
The MiFID sets the following principles:
- Authorisation, regulation and passporting
- Client categorisation
- Client order handling
- Pre-trade transparency
- Post-trade transparency
- Best execution
- Systematic Internaliser