The CySEC has released an extensive report of its regulatory activities over the last year, 2022. The yearly summary discloses some important feats of regulation as well as hints at some future innovations and plans.
The report reveals that that there are currently 837 companies under the regulatory gaze of CySEC, and increase of 3.9% since 2021. Some 100 are still awaiting approval, which is 12 percent higher than 2019. In 2022, 86 applicants were approved and 6 were rejected, while 15 were withdrawn.
Also, in 2022 the regulator’s Supervision Department inspected many CIFs, conducting a total of 259 on site and remote reviews. It reported that it had done 119 remote document inspections.
The Supervision Department also reportedly had a lot of work monitoring how and if companies were implementing reporting practices for transactions and contracts, as well as the constant monitoring of acceptable marketing practices by regulated entities.
The report came with plans for future expanse into further regulatory practices, including a plan to curate crowfunding projects and providers as well as personal pension services and products. CySEC also revealed that it plans on expanding its technological capabilities and will emphasized investor education in 2023 and the future.
In 2022, the Cypriot firm imposed some €2.9 million in administrative fines, most of which were connected to pentameries and settlements paid by investment firms that had broker CySEC’s trust.