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 |
|---|---|---|---|---|---|
| Swissquote | 422/22 | Regulated | Swissquote Capital Markets Limited | 21/11/2022 | |
| bybit | Number pending check | Registered | Bybit Fintech Limited | 2023 | |
| Pepperstone | 388/20 | Regulated | Pepperstone EU Limited | 2020-08-03 | |
| Plus500 | 250/14 | Regulated | Plus500CY Ltd | 2014-10-10 | |
| Windsor Brokers | 030/04 | Regulated | Windsor Brokers Ltd | 2004-05-20 | |
| FXGlobe | 205/13 | Regulated | FXGlobe Ltd | 2013-06-20 | |
| FxPro | 078/07 | Regulated | 078/07 | 2007-03-05 | |
| GLOBAL | 370/18 | Regulated | B2B Prime Services EU Ltd | 2021 | |
| Amana Capital | 155/11 | Regulated | Amana Capital Ltd | 2011-10-21 | |
| AXICORP | 433/23 | Regulated | Solaris EMEA Limited | 2023-07-10 | |
| Exness | 178/12 | Regulated | Exness (Cy) Ltd | 2012-09-05 | |
| Viverno | 199/13 | Regulated | Viverno Markets Ltd | 2013-05-31 | |
| XM | 120/10 | Regulated | Trading Point of Financial Instruments Ltd | 2010-08-05 | |
| GVD Markets | 411/22 | Regulated | GVD Korimcy Ltd | 2022-02-07 | |
| HFM | 183/12 | Regulated | HF Markets (Europe) Ltd | 2012-11-20 | |
| HYCM | 259/14 | Regulated | HYCM (Europe) Ltd | 2014-11-26 | |
| Squared Financial | 329/17 | Regulated | Squared Financial (CY) Ltd | 2017-06-23 | |
| WisunoFX | 450/24 | Regulated | WSN Capital Ltd | 2024-12-23 | |
| BHC | 442/24 | Regulated | Brickhill Capital (CY) Ltd | 2024-01-22 | |
| M4Markets | 301/16 | Regulated | Harindale Ltd | 2016-04-27 | |
| Scope Markets | 339/17 | Regulated | SM Capital Markets Ltd | 2017-11-02 | |
| easyMarkets | 079/07 | Regulated | Easy Forex Trading Ltd | 29/05/2007 | |
| Equiti | 415/22 | Regulated | Equiti Global Markets Ltd | 2022-09-12 | |
| MultiBank | 430/23 | Regulated | MEX Europe Ltd | 2023-05-22 | |
| RoboForex | 191/13 | Regulated | Robomarkets Ltd | 2013-01-30 | |
| Tickmill | 278/15 | Regulated | Tickmill Europe Ltd | 2015-08-05 | |
| Alvexo | 236/14 | Regulated | VPR Safe Financial Group Ltd | 03/06/2014 | |
| CFI International Ltd | 179/12 | Regulated | Credit Financier Invest (CFI) Ltd | 2012-09-25 | |
| FBS | 331/17 | Regulated | Tradestone Limited | 2017-08-07 | |
| FXGT.com | 382/20 | Regulated | GT Investment Services Ltd | 2020-01-27 | |
| FXORO | 126/10 | Regulated | MCA Intelifunds Ltd | 2010-12-21 | |
| FXTM | 185/12 | Regulated | Forextime Ltd | 2012-12-13 | |
| GO MARKETS | 322/17 | Regulated | Go Markets Ltd | 2017-04-25 | |
| Interstellar Group | 166/12 | Regulated | The First Interstellar Capital | 2012-03-21 | |
| The | 166/12 | Regulated | The First Interstellar Capital Limited | 2012-03-21 | |
| Tradu | 392/20 | Regulated | Stratos Europe Ltd | 2020-11-23 | |
| Axia Investments | 217/13 | Suspected clone | OBR Investments Ltd | 2013-10-07 | |
| doto | 399/21 | Regulated | DOTO EUROPE LTD | 2021-04-12 | |
| Errante | 383/20 | Regulated | Notely Trading Ltd | 2020-02-03 | |
| FONDEX | 138/11 | Suspected clone | Topfx Ltd | 2011-04-19 | |
| Oqtima | 406/21 | Regulated | Nordskov Capital Ltd | 2021-11-02 | |
| Orbex Limited | 124/10 | No licence | Orbex Limited | 2010-10-21 | |
| Pipbull Ltd | 411/22 | Regulated | GVD Korimcy Ltd | 2022-02-07 | |
| Purple Trading | 271/15 | Regulated | L.F. Investment Limited | 2015-04-06 | |
| Skilling | 357/18 | Regulated | Skilling Limited | 2018-05-07 | |
| Tradeo | 282/15 | Suspected clone | 50CoinsCY Ltd (ex UR Trade Fix Ltd) | 2015-09-28 | |
| Royal | 312/16 | Regulated | Royal | 2016-08-10 | |
| Capex | 292/16 | Regulated | Key Way Investments Ltd | 2016-01-21 | |
| Conotoxia | 336/17 | Regulated | Conotoxia Ltd | 2017-09-11 | |
| FP Markets | 371/18 | Regulated | First Prudential Markets Ltd | 2018-11-19 | |
| FXOpen | 194/13 | Regulated | FXOpen EU Ltd | 2013-04-17 | |
| HTFX | 332/17 | Regulated | HTFX (EU) Ltd (EX CDG Global (EU) Ltd) | 2017-08-07 | |
| LMAX Group | 310/16 | Regulated | LMAX Broker Europe Ltd | 2016-08-08 | |
| MARKETS.COM | 092/08 | Regulated | Safecap Investments Ltd | 2008-07-28 | |
| TRADE.COM | 227/14 | Regulated | Trade Capital Markets (TCM) Ltd | 2014-02-17 | |
| XTB | 169/12 | Regulated | XTB Ltd | 2012-04-18 | |
| AMP Global | 360/18 | Revoked | AMP Global LTD | 2018-06-04 | |
| GMI | 226/14 | Regulated | Mount Nico Corp Ltd | 2014-02-07 | |
| LegacyFX | 344/17 | Regulated | A.N. Allnew Investments Ltd | 2017-11-27 | |
| LIRUNEX | 338/17 | Regulated | Lirunex Ltd | 2017-09-25 | |
| MiTRADE | 438/23 | Regulated | MiTrade EU Limited | 2023-10-09 | |
| 3angleFX | 384/20 | Regulated | Triangleview Investments Ltd | 2020-02-17 | |
| 4xhub | 437/23 | Regulated | 4XHUB EU Limited | 2023-09-18 | |
| Arum Capital | 323/17 | Regulated | Arumpro Capital Ltd | 2017-04-25 | |
| direktbroker-FX | 160/11 | Revoked | Leverate Financial Services Ltd | 2011-12-27 | |
| eurotrader | 279/15 | Regulated | Eurotrade Investments RGB Ltd | 2015-09-07 | |
| EZINVEST | 203/13 | Regulated | WGM Services Ltd | 2013-06-14 | |
| Finame | 334/17 | Regulated | Eight Plus Capital Ltd | 2017-08-10 | |
| FOREX TB | 272/15 | Regulated | Forex TB Ltd | 2015-04-07 | |
| FXCC | 121/10 | Regulated | FX Central Clearing Ltd | 2010-09-03 | |
| FXGROW | 214/13 | Regulated | Growell Capital Ltd | 2013-09-17 | |
| Fxview | 367/18 | Regulated | Charlgate Ltd | 2018-07-30 | |
| GWG | 291/16 | Regulated | GWG (Cyprus) Limited | 2016-01-20 | |
| IGM Fore | 309/16 | Regulated | IGM Forex Ltd | 2016-08-16 | |
| IGM Forex | 309/16 | Regulated | IGM Forex Ltd | 2016-08-16 | |
| IQ Option | 247/14 | Regulated | IQOption Europe Ltd | 2014-07-30 | |
| M4Markets | 258/14 | Revoked | MAXIFLEX LTD | 2014-11-10 | |
| PatronFX | 272/15 | Regulated | Forex TB Ltd | 2015-04-07 | |
| Prodigit | 200/13 | Regulated | Prodigit Investments Ltd | 2013-06-12 | |
| SM CAPITAL MARKETS | 339/17 | Regulated | SM Capital Markets Ltd | 2017-11-02 |
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.
Related regulatory & market structure briefings
Research and compliance analysis from Institutional Ledger relevant to CYSEC and Cyprus.
Institutional Custody & Digital Ledger
Institutional Tokenized Treasuries, Wholesale CBDC Delivery-versus-Payment (DvP), and BCBS SCO60 Bank Capital Standards in 2026
An institutional ledger deep dive into $3.2B+ tokenized US Treasury funds, intraday bilateral and cleared repo collateral mobility, BIS Project Agorá and MAS Project Guardian atomic DvP settlement, and BCBS SCO60 Group 1a/1b vs Group 2 (1,250% risk weight) prudential capital treatment.
Tokenized RWA & Custody
DTCC Smart NAV Pilot, Canton Network Institutional Repo Mobility & Tokenized Money Market Fund Intraday Collateral Settlement
Tokenized Money Market Fund (TMMF) intraday collateral settlement refers to atomic Delivery-versus-Payment (DvP) transfers that cut tri-party repo margin buffers by 38% [38% + Margin Reduction + BIS Working Paper No. 1184 + Q3 2026] across DTCC Smart NAV and Canton Network rails.
market-insights
IMF-World Bank Bangkok Meetings 2026: Debt, AI, and Ukraine Dominate as China Fades from Center Stage
The world’s finance chiefs see new risks — and less China angst: Summary of the supplied material covering 2018, SFC. Source details have not been independently verified.
market-insights
HSBC CEO Warns the AI Boom Won't Make Every Data Center a Good Bet
HSBC CEO warns the AI boom won’t make every data center a good bet: Summary of the supplied material covering SFC, FCA. Source details have not been independently verified.
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.