2018: The year of the law suit! Cyprus-based regulatory and litigation executive explains all
Paul Foley of Cyprus based management consultancy TCG explains the vital considerations of GDPR, MiFID II and how these impinge on regulators and regulated companies in Cyprus and Britain, including a glance at #8216;passporting#8217; with a focus on exposure to possible law suits
In the time of writing we've just seen the implementation of https://financefeeds.com/financefeed...-full-montage/ (Markets in Financial Instruments Directive Part two ) and for a number of the SMEs out there this was not as easy as they'd have enjoyed. These modifiions are typically known well in advance of implementation but for one reason or another a number of companies didn#8217;t value the intricacy of the shift or took a #8216;Wait and watch #8217; attitude.
For a few of those changes a wait and see approach is plausible (although ill-advised) but for others the outcome could be shut down or heavily fined. Why am I speaking about law suits?
The next big change comes into legislation in May and it#8217;s called GDPR (General Data Protection Legislation ). The headline is that this is the replacement for the Data Protection Act, but still doesn#8217;t explain the comment about law suits.
Once we consider loions to run a forex brokerage from or a number of other financial services companies, we are aware there are numerous reasons why Cyprus is the destination of choice and in the main it comes down to the barrier to entry, as in the barrier to entry is a lower here as CySec takes a relatively reasonable approach to licensing. Being CySec regulated does nevertheless still offer the chance to passport into other European countries.
INFO : https://financefeeds.com/2018-year-l...tive-explains/