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ARTICLE · 12 DECEMBER 2016

CySEC Guidance On Speculative Investment Products

Elias Neocleous & Co LLC
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On 30 November the CySEC issued Circular C168 to CIFs that it regulates informing them of recent changes to the European Securities and Markets Authority's guidance on the application...

CyprusWealth Management
Elias Neocleous & Co LLC
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On 30 November the Cyprus Securities and Exchange Commission (“CySEC”) issued Circular C168 to Cyprus Investment Firms (“CIFs”) that it regulates informing them of recent changes to the European Securities and Markets Authority’s guidance on the application of the Markets in Financial Instruments Directive to the marketing and sale of financial contracts for difference and other speculative products to retail clients.

The circular draws particular attention to the following new requirements:

·         Bonuses to clients

CIFs should not offer bonuses that are designed to incentivise retail clients to trade in complex speculative products such as contracts for difference, binary options and rolling spot forex as it is unlikely that a firm offering such bonuses could demonstrate that it is acting honestly, fairly and professionally and in the best interests of its retail clients as required by article 36(1) of the Investment Services and Activities and Regulated

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