FXNET Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 182/12. We are fully compliant with the Markets in Financial Instruments Directive (MiFID), since it has been introduced by the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007). Moreover, FxNet holds a cross-border CySEC License, authorizing the provision of our services throughout the EEA.
The Cyprus Securities and Exchange Commission, better known as CySEC, is the financial regulatory agency of the Republic of Cyprus. Since Cyprus became a member of the European Union in 2004, CySEC has become part of European MiFID regulation, giving firms registered in Cyprus access to European markets.
The main objective of CySEC is the supervision and control of the Cyprus Stock Exchange and licensed investment companies, which are providing financial and ancillary services to its Clients. It is the body that grants operational licences to investment firms, brokerage firms and brokers.
For more information, please visit the CySEC page here.
The Markets in Financial Instruments Directive 2004/39/EC, as subsequently amended, is a European Union law that provides harmonised regulation for investment services across 31 member states of the European Economic Area (the 28 EU member states plus Iceland, Norway and Liechtenstein). As of the effective date, 1 November 2007, MiFID has replaced the Investment Services Directive.
The main objectives of the Directive are to increase competition and consumer protection in investment services sector provided across EEA. MIFID puts special emphasis that companies shall run their operations in a fair, just and professional manner, in line with the Client’s best interest.
MIFID II - Directive 2014-65-EC on markets in financial instruments will be coming into force in 2018.