CySEC announced an important piece of news that covers an extended European forex trading audience. According to the Cypriot watchdog, all Cypriot Investment Firms (CIFs) will be required to provide detailed passporting activity details for the whole 2019 period.
All CIFs will have to dig out stored information on cross border activity from a period that ranges from the 1st January 2019 to the 31st December 2019.
The investment firms have until the 16th October of this year to complete all requirements. CySEC has stresses that it will NOT extend the deadline period.
The FPISA-CIF form (Freedom to Provide Investment Services and Activities) calls for CIFs to give away details on the European Economic Area (EEA) nations where these firms offer investment and trading services. Furthermore, the form asks whether CIFs have more than 300 clients in each of the EEA countries.
The introduction of this form comes at an interesting time, which has lead some experts to speculate that CySEC is endeavouring to figure out the eventual passporting rights issues that will be caused by the impending Brexit deadline. CySEC could be looking into the number of UK traders some of its licensees are associating with.
As of yet, these are pure speculations, but the truth will surface sooner or later.