National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
CYSEC
CyprusCyprus Securities and Exchange Commission
Source / Native Reference: 塞浦路斯证券和交易委员会
- Supervisory tier
- Tier-2
- License classes
- 3
- Licensed records
- 171
- Active / regulated
- 153
Statutory Supervisory Mandate & Scope
Capital Markets Board of Türkiye (SPK / CMB) (CMB) is the Tier-2 statutory financial markets and securities supervisory authority in Türkiye. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Supervises Cyprus Investment Firms (CIFs), Alternative Investment Fund Managers (AIFMs), UCITS Management Companies, Administrative Service Providers, and Crypto-Asset Service Providers (CASPs) under EU directives.
Prudential Tier Assessment
Tier-2EU/EEA MiFID II and MiCA national competent authority supervising the largest concentration of cross-border European retail FX/CFD investment firms (CIFs).
National licensing qualifications & statutory authorisation classes (CYSEC)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by CYSEC in Cyprus.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| CIF — Full Scope / Market Maker (IFR €750k) | Cyprus Investment Firm — Dealing on Own Account & Underwriting | Acting as principal / market maker in CFDs, rolling spot FX, transferable securities, and derivatives across the EEA. | EUR €750,000 Permanent Minimum Capital Requirement (PMR) under EU IFR Article 14(1). | Higher of €750k PMR, 25% Fixed Overheads Requirement, or K-Factor Requirement; ESMA/CySEC 30:1 retail leverage limits. |
| CIF — STP / Agency & Portfolio Manager (IFR €150k) | Cyprus Investment Firm — Holding Client Money / Assets (Non-Dealing) | Reception and transmission of orders, execution of orders on behalf of clients (STP), and portfolio management with client asset custody. | EUR €150,000 Permanent Minimum Capital Requirement (PMR). | Quarterly Form 165-01 / 165-02 IFR prudential filings, ICAAP/ICARA review, and annual external client asset audit. |
| CIF — Advisory / Non-Custodial (IFR €75k) | Cyprus Investment Firm — Non-Custodial Order Transmission & Advisory | Investment advice and reception/transmission of orders without permission to hold client money or financial instruments. | EUR €75,000 Permanent Minimum Capital Requirement (PMR). | Simplified SNI prudential regime, MiFID II suitability assessments, and annual CySEC risk-based supervision levy. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under CYSEC.
Investor Compensation Fund (ICF) for Clients of CIFs
- Maximum coverage per client
- EUR €20,000 per retail client (or 90% of the cumulative covered claim, whichever is lower)
- Eligible counterparties & scope
- Retail clients of CySEC-authorised CIFs (Professional Clients and Eligible Counterparties under MiFID II Annex II are excluded).
CySEC Directive DI87-01 & Law 87(I)/2017 Section 17(8)-(10)
- Reconciliation & audit cadence
- Daily internal reconciliation of client money trust accounts; strict prohibition on Title Transfer Collateral Arrangements (TTCAs) with retail clients.
- Approved custodian requirements
- Client funds must be held in segregated accounts at EEA central banks or CRD credit institutions; mandatory Negative Balance Protection and 50% margin close-out per account.
EU MiCA Crypto-Asset Service Provider (CASP) Authorisation
- Travel Rule, custody & stablecoin rules
- Full EU Transfer of Funds Regulation (TFR) Travel Rule enforcement and DORA ICT operational resilience standards.
Primary Governing Statutes & Rulebooks
- Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017 — transposing EU MiFID II)
- Prudential Supervision of Investment Firms Law of 2021 (Law 165(I)/2021 — EU IFR/IFD)
- EU Markets in Crypto-Assets Regulation (MiCA — Regulation (EU) 2023/1114)
- CySEC Directive DI87-01 (Safeguarding of Client Assets) & Directive DI87-09 (CFD Product Intervention)
Regulatory Reporting & Audit Obligations
Quarterly IFR Prudential Supervision returns, COREP/FINREP filings, and annual Pillar 3 Risk DisclosuresMiFIR T+1 transaction reporting, EMIR daily derivatives reporting, and RTS 27/28 execution quality disclosuresAnnual AML/CFT Compliance Officer Report and Internal Audit Report submitted directly to the CySEC Board
Cross-Border Equivalence & Passporting
Full EU/EEA MiFID II and MiCA passporting across all 30 EEA jurisdictions via cross-border notification (Art. 34 MiFID II) or tied-agent/branch establishment (Art. 35 MiFID II).
Supervised institutions & CYSEC licence records in our database
171 licence records referencing CYSEC (153 regulated/registered, 15 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| TRADE.COM | 227/14 | Regulated | Trade Capital Markets (TCM) Ltd | 2014-02-17 | |
| AMP Global | 360/18 | Revoked | AMP Global LTD | 2018-06-04 | |
| FONDEX | 138/11 | Suspected clone | Topfx Ltd | 2011-04-19 | |
| Tradeo | 282/15 | Suspected clone | 50CoinsCY Ltd (ex UR Trade Fix Ltd) | 2015-09-28 | |
| Pepperstone | 388/20 | Regulated | Pepperstone EU Limited | 2020-08-03 | |
| Swissquote | 422/22 | Regulated | Swissquote Capital Markets Limited | 21/11/2022 | |
| Viverno | 199/13 | Regulated | Viverno Markets Ltd | 2013-05-31 | |
| FXOpen | 194/13 | Regulated | FXOpen EU Ltd | 2013-04-17 | |
| IronFX | 125/10 | Regulated | Notesco Financial Services Ltd | 16/11/2010 | |
| PRCBroker | 253/14 | Regulated | Performance Ronnaru Company Ltd | 2014-10-30 | |
| Axia Investments | 217/13 | Suspected clone | OBR Investments Ltd | 2013-10-07 | |
| Banxso | 413/22 | Regulated | Banxso Ltd (ex XF Services Ltd) | 2022-10-10 | |
| GMI | 226/14 | Regulated | Mount Nico Corp Ltd | 2014-02-07 | |
| Orbex Limited | 124/10 | No licence | Orbex Limited | 2010-10-21 | |
| AAA Trade | 244/14 | Revoked | AAA Trade Ltd | 2014-07-25 | |
| direktbroker-FX | 160/11 | Revoked | Leverate Financial Services Ltd | 2011-12-27 | |
| GLOBTREX | 231/14 | Revoked | Coverdeal Holdings Ltd | 2014-03-26 | |
| Hellenic Bank Public Company Ltd | Number pending check | No licence | Hellenic Bank Public Company Ltd | — | |
| Investing24 | 182/12 | Suspected clone | Fxnet Ltd | 2012-11-01 | |
| M4Markets | 258/14 | Revoked | MAXIFLEX LTD | 2014-11-10 | |
| NBH MARKETS | 208/13 | Suspected clone | NBH Markets EU Limited | 2013-07-22 | |
| SONAF | 174/12 | Revoked | Sonaf Business Ltd | 2012-07-25 | |
| STAK FX | 397/21 | Revoked | Stabbed FX Ltd | 2021-03-08 | |
| Trust Capital TC | 369/18 | Suspected clone | Trust Capital | 2018-09-03 | |
| AXICORP | 433/23 | Regulated | Solaris EMEA Limited | 2023-07-10 | |
| Equiti | 415/22 | Regulated | Equiti Global Markets Ltd | 2022-09-12 | |
| Exness | 178/12 | Regulated | Exness (Cy) Ltd | 2012-09-05 | |
| ATFX | 285/15 | Regulated | ATFX Global Markets (Cy) Limited | 2015-12-17 | |
| Tickmill | 278/15 | Regulated | Tickmill Europe Ltd | 2015-08-05 | |
| FXGT.com | 382/20 | Regulated | GT Investment Services Ltd | 2020-01-27 | |
| HTFX | 332/17 | Regulated | HTFX (EU) Ltd (EX CDG Global (EU) Ltd) | 2017-08-07 | |
| M4Markets | 301/16 | Regulated | Harindale Ltd | 2016-04-27 | |
| IC Markets | 362/18 | Regulated | IC Markets (EU) Ltd | 2018-06-25 | |
| Octa | 372/18 | Regulated | Octa Markets Cyprus Ltd | 2018-12-10 | |
| LiteForex | 093/08 | Regulated | Liteforex (Europe) Ltd | 2008-08-08 | |
| OBR | 217/13 | Regulated | OBR Investments Ltd | — | |
| Titanedge | 405/21 | Regulated | Titanedge Securities Ltd | 2021-10-18 | |
| Ultima | 426/23 | Regulated | Ultima Markets Cyprus Ltd | 2023-03-13 | |
| bybit(Global network record) | Number pending check | Registered | Bybit Fintech Limited | 2023 | |
| FXGlobe(Global network record) | 205/13 | Regulated | FXGlobe Ltd | 2013-06-20 | |
| FxPro(Global network record) | 078/07 | Regulated | 078/07 | 2007-03-05 | |
| GLOBAL(Global network record) | 370/18 | Regulated | B2B Prime Services EU Ltd | 2021 | |
| Plus500(Global network record) | 250/14 | Regulated | Plus500CY Ltd | 2014-10-10 | |
| Amana Capital(Global network record) | 155/11 | Regulated | Amana Capital Ltd | 2011-10-21 | |
| easyMarkets(Global network record) | 079/07 | Regulated | Easy Forex Trading Ltd | 29/05/2007 | |
| Fortrade(Global network record) | 385/20 | Regulated | Fortrade Cyprus Ltd | 2020-03-09 | |
| Royal(Global network record) | 312/16 | Regulated | Royal | 2016-08-10 | |
| XM(Global network record) | 120/10 | Regulated | Trading Point of Financial Instruments Ltd | 2010-08-05 | |
| Finalto(Global network record) | 092/08 | Regulated | Safecap Investments Ltd | 2008-07-28 | |
| GVD Markets(Global network record) | 411/22 | Regulated | GVD Korimcy Ltd | 2022-02-07 | |
| HFM(Global network record) | 183/12 | Regulated | HF Markets (Europe) Ltd | 2012-11-20 | |
| HYCM(Global network record) | 259/14 | Regulated | HYCM (Europe) Ltd | 2014-11-26 | |
| MultiBank(Global network record) | 430/23 | Regulated | MEX Europe Ltd | 2023-05-22 | |
| RoboForex(Global network record) | 191/13 | Regulated | Robomarkets Ltd | 2013-01-30 | |
| Squared Financial(Global network record) | 329/17 | Regulated | Squared Financial (CY) Ltd | 2017-06-23 | |
| Windsor Brokers(Global network record) | 030/04 | Regulated | Windsor Brokers Ltd | 2004-05-20 | |
| WisunoFX(Global network record) | 450/24 | Regulated | WSN Capital Ltd | 2024-12-23 | |
| Alvexo(Global network record) | 236/14 | Regulated | VPR Safe Financial Group Ltd | 03/06/2014 | |
| BHC(Global network record) | 442/24 | Regulated | Brickhill Capital (CY) Ltd | 2024-01-22 | |
| Capex(Global network record) | 292/16 | Regulated | Key Way Investments Ltd | 2016-01-21 | |
| CFI International Ltd(Global network record) | 179/12 | Regulated | Credit Financier Invest (CFI) Ltd | 2012-09-25 | |
| Conotoxia(Global network record) | 336/17 | Regulated | Conotoxia Ltd | 2017-09-11 | |
| ETORO(Global network record) | 109/10 | Regulated | Etoro (Europe) Limited | 2010-01-14 | |
| FBS(Global network record) | 331/17 | Regulated | Tradestone Limited | 2017-08-07 | |
| FP Markets(Global network record) | 371/18 | Regulated | First Prudential Markets Ltd | 2018-11-19 | |
| FXORO(Global network record) | 126/10 | Regulated | MCA Intelifunds Ltd | 2010-12-21 | |
| FXTM(Global network record) | 185/12 | Regulated | Forextime Ltd | 2012-12-13 | |
| GO MARKETS(Global network record) | 322/17 | Regulated | Go Markets Ltd | 2017-04-25 | |
| Interstellar Group(Global network record) | 166/12 | Regulated | The First Interstellar Capital | 2012-03-21 | |
| JFD(Global network record) | 150/11 | Regulated | JFD Group Ltd | 2011-08-05 | |
| LMAX Group(Global network record) | 310/16 | Regulated | LMAX Broker Europe Ltd | 2016-08-08 | |
| MARKETS.COM(Global network record) | 092/08 | Regulated | Safecap Investments Ltd | 2008-07-28 | |
| Scope Markets(Global network record) | 339/17 | Regulated | SM Capital Markets Ltd | 2017-11-02 | |
| The(Global network record) | 166/12 | Regulated | The First Interstellar Capital Limited | 2012-03-21 | |
| Tradu(Global network record) | 392/20 | Regulated | Stratos Europe Ltd | 2020-11-23 | |
| XNT LTD(Global network record) | 165/12 | Regulated | EXT Ltd | 2012-02-28 | |
| XTB(Global network record) | 169/12 | Regulated | XTB Ltd | 2012-04-18 | |
| Advanced Markets(Global network record) | 127/10 | Cancelled | Advanced Markets | 2010-12-22 | |
| APME FX(Global network record) | 335/17 | Regulated | APME FX Trading Europe Ltd | 2017-08-10 | |
| BUX(Global network record) | 374/19 | Regulated | BUX Europe Ltd | 2019-04-15 |
CYSEC (Cyprus): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under CYSEC (Cyprus)?
CYSEC (Cyprus Securities and Exchange Commission) supervises financial institutions in Cyprus under Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017 — transposing EU MiFID II) and Prudential Supervision of Investment Firms Law of 2021 (Law 165(I)/2021 — EU IFR/IFD). Key statutory authorisation classes include: CIF — Full Scope / Market Maker (IFR €750k) (Cyprus Investment Firm — Dealing on Own Account & Underwriting — min. capital: EUR €750,000 Permanent Minimum Capital Requirement (PMR) under EU IFR Article 14(1).); CIF — STP / Agency & Portfolio Manager (IFR €150k) (Cyprus Investment Firm — Holding Client Money / Assets (Non-Dealing) — min. capital: EUR €150,000 Permanent Minimum Capital Requirement (PMR).); CIF — Advisory / Non-Custodial (IFR €75k) (Cyprus Investment Firm — Non-Custodial Order Transmission & Advisory — min. capital: EUR €75,000 Permanent Minimum Capital Requirement (PMR).). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does CYSEC provide statutory investor compensation and mandatory client asset segregation?
Under CYSEC's framework, investor protection is governed by Investor Compensation Fund (ICF) for Clients of CIFs with maximum coverage of EUR €20,000 per retail client (or 90% of the cumulative covered claim, whichever is lower) (Retail clients of CySEC-authorised CIFs (Professional Clients and Eligible Counterparties under MiFID II Annex II are excluded).). For client money and custody assets, supervised firms must comply with CySEC Directive DI87-01 & Law 87(I)/2017 Section 17(8)-(10), performing daily internal reconciliation of client money trust accounts; strict prohibition on title transfer collateral arrangements (ttcas) with retail clients. with client funds must be held in segregated accounts at eea central banks or crd credit institutions; mandatory negative balance protection and 50% margin close-out per account..
How does CYSEC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
CYSEC's digital-asset regime is structured around EU MiCA Crypto-Asset Service Provider (CASP) Authorisation (Transitioned from the CySEC National CASP Register to full EU-wide MiCA CASP licensing with EEA passporting.). Custody and AML/CFT compliance obligations require: Full EU Transfer of Funds Regulation (TFR) Travel Rule enforcement and DORA ICT operational resilience standards.
How can I verify an institution's CYSEC licence number and check our 171 recorded licence entries?
Our database currently tracks 171 licence records referencing CYSEC (153 marked regulated or registered). To verify a counterparty at the primary source, open CYSEC's official public register (https://www.cysec.gov.cy/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
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Statutory licensing classes, base capital rules, and investor protection summaries for CYSEC (Cyprus) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on CYSEC’s official public register.