National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
CYSEC
Cyprus (European Union)Cyprus Securities and Exchange Commission
- Supervisory tier
- Tier-2
- License classes
- 3
- Licensed records
- 189
- Active / regulated
- 168
Statutory Supervisory Mandate & Scope
Cyprus Securities and Exchange Commission (CYSEC) operates as a statutory financial supervisory authority regulating financial institutions in 4 (CY). The authority oversees entity licensing, capital adequacy compliance, conduct supervision, and enforcement disclosures via its official registry at cysec.gov.cy.
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 (European Union).
| 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
189 licence records referencing CYSEC (168 regulated/registered, 16 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Fortrade | 385/20 | Regulated | Fortrade Cyprus Ltd | 2020-03-09 | |
| Delta | 109/10 | Regulated | Etoro (Europe) Ltd | 2010-01-14 | |
| Advanced Markets | 127/10 | Cancelled | Advanced Markets | 2010-12-22 | |
| XM(Cross-jurisdiction record) | 120/10 | Regulated | Trading Point of Financial Instruments Ltd | 2010-08-05 | |
| bybit(Cross-jurisdiction record) | Not supplied | Registered | Bybit Fintech Limited | 2023 | |
| GVD Markets(Cross-jurisdiction record) | 411/22 | Regulated | GVD Korimcy Ltd | 2022-02-07 | |
| HFM(Cross-jurisdiction record) | 183/12 | Regulated | HF Markets (Europe) Ltd | 2012-11-20 | |
| LMAX Group(Cross-jurisdiction record) | 310/16 | Regulated | LMAX Broker Europe Ltd | 2016-08-08 | |
| Oqtima(Cross-jurisdiction record) | 406/21 | Regulated | Nordskov Capital Ltd | 2021-11-02 | |
| Exness(Cross-jurisdiction record) | 178/12 | Regulated | Exness (Cy) Ltd | 2012-09-05 | |
| Interstellar Group(Cross-jurisdiction record) | 166/12 | Regulated | The First Interstellar Capital | 2012-03-21 | |
| FxPro(Cross-jurisdiction record) | 078/07 | Regulated | 078/07 | 2007-03-05 | |
| Pepperstone(Cross-jurisdiction record) | 388/20 | Regulated | Pepperstone EU Limited | 2020-08-03 | |
| Royal(Cross-jurisdiction record) | 312/16 | Regulated | Royal | 2016-08-10 | |
| Tickmill(Cross-jurisdiction record) | 278/15 | Regulated | Tickmill Europe Ltd | 2015-08-05 | |
| Windsor Brokers(Cross-jurisdiction record) | 030/04 | Regulated | Windsor Brokers Ltd | 2004-05-20 | |
| WisunoFX(Cross-jurisdiction record) | 450/24 | Regulated | WSN Capital Ltd | 2024-12-23 | |
| CFI International Ltd(Cross-jurisdiction record) | 179/12 | Regulated | Credit Financier Invest (CFI) Ltd | 2012-09-25 | |
| eToro(Cross-jurisdiction record) | 109/10 | Regulated | Etoro (Europe) Limited | 2010-01-14 | |
| FXTM(Cross-jurisdiction record) | 185/12 | Regulated | Forextime Ltd | 2012-12-13 | |
| GO MARKETS(Cross-jurisdiction record) | 322/17 | Regulated | Go Markets Ltd | 2017-04-25 | |
| HTFX(Cross-jurisdiction record) | 332/17 | Regulated | HTFX (EU) Ltd (EX CDG Global (EU) Ltd) | 2017-08-07 | |
| PRCBroker(Cross-jurisdiction record) | 253/14 | Regulated | Performance Ronnaru Company Ltd | 2014-10-30 | |
| XTB(Cross-jurisdiction record) | 169/12 | Regulated | XTB Ltd | 2012-04-18 | |
| FONDEX(Cross-jurisdiction record) | 138/11 | Suspected clone | Topfx Ltd | 2011-04-19 | |
| IC Markets(Cross-jurisdiction record) | 362/18 | Regulated | IC Markets (EU) Ltd | 2018-06-25 | |
| Trading 212(Cross-jurisdiction record) | 398/21 | Regulated | Trading 212 Markets Ltd | 2021-03-01 | |
| FXGROW(Cross-jurisdiction record) | 214/13 | Regulated | Growell Capital Ltd | 2013-09-17 | |
| Just2Trade(Cross-jurisdiction record) | 281/15 | Regulated | Lime Trading (CY) Ltd | 2015-09-25 | |
| Naxex Invest(Cross-jurisdiction record) | 161/11 | Regulated | Naxex Invest Ltd | 2011-12-27 | |
| OffersFX(Cross-jurisdiction record) | 108/10 | Regulated | Merba Limited | 2010-01-14 | |
| Olive Tree Capital Markets(Cross-jurisdiction record) | 104/09 | Regulated | Atonline Ltd | 2009-09-22 | |
| TrioMarkets(Cross-jurisdiction record) | 268/15 | Regulated | EDR Financial Ltd | 2015-02-11 | |
| RoboForex(Cross-jurisdiction record) | 191/13 | Regulated | Robomarkets Ltd | 2013-01-30 | |
| LegacyFX(Cross-jurisdiction record) | 344/17 | Regulated | A.N. Allnew Investments Ltd | 2017-11-27 | |
| HYCM(Cross-jurisdiction record) | 259/14 | Regulated | HYCM (Europe) Ltd | 2014-11-26 | |
| Magic Compass(Cross-jurisdiction record) | 299/16 | Regulated | Magic Compass Ltd | 2016-04-12 | |
| Swissquote(Cross-jurisdiction record) | 422/22 | Regulated | Swissquote Capital Markets Limited | 21/11/2022 | |
| Capex(Cross-jurisdiction record) | 292/16 | Regulated | Key Way Investments Ltd | 2016-01-21 | |
| FXORO(Cross-jurisdiction record) | 126/10 | Regulated | MCA Intelifunds Ltd | 2010-12-21 | |
| JFD(Cross-jurisdiction record) | 150/11 | Regulated | JFD Group Ltd | 2011-08-05 | |
| Scope Markets(Cross-jurisdiction record) | 339/17 | Regulated | SM Capital Markets Ltd | 2017-11-02 | |
| eurotrader(Cross-jurisdiction record) | 279/15 | Regulated | Eurotrade Investments RGB Ltd | 2015-09-07 | |
| Sheer Markets(Cross-jurisdiction record) | 395/20 | Regulated | Sheer Markets (Cyprus) Ltd | 2020-12-18 | |
| JDC Markets(Cross-jurisdiction record) | 316/16 | Regulated | SSC Smart FX Ltd | 2016-09-20 | |
| MultiBank(Cross-jurisdiction record) | 430/23 | Regulated | MEX Europe Ltd | 2023-05-22 | |
| FBS(Cross-jurisdiction record) | 331/17 | Regulated | Tradestone Limited | 2017-08-07 | |
| Fidus Investments Cyprus Ltd(Cross-jurisdiction record) | 326/17 | Regulated | Fidus Investments Cyprus Ltd | 2017-05-12 | |
| Conotoxia(Cross-jurisdiction record) | 336/17 | Regulated | Conotoxia Ltd | 2017-09-11 | |
| M4Markets(Cross-jurisdiction record) | 301/16 | Regulated | Harindale Ltd | 2016-04-27 | |
| Plus500(Cross-jurisdiction record) | 250/14 | Regulated | Plus500CY Ltd | 2014-10-10 | |
| Equiti(Cross-jurisdiction record) | 415/22 | Regulated | Equiti Global Markets Ltd | 2022-09-12 | |
| ATFX(Cross-jurisdiction record) | 285/15 | Regulated | ATFX Global Markets (Cy) Limited | 2015-12-17 | |
| Finalto(Cross-jurisdiction record) | 092/08 | Regulated | Safecap Investments Ltd | 2008-07-28 | |
| Squared Financial(Cross-jurisdiction record) | 329/17 | Regulated | Squared Financial (CY) Ltd | 2017-06-23 | |
| FXOpen(Cross-jurisdiction record) | 194/13 | Regulated | FXOpen EU Ltd | 2013-04-17 | |
| TRADE.COM(Cross-jurisdiction record) | 227/14 | Regulated | Trade Capital Markets (TCM) Ltd | 2014-02-17 | |
| XNT LTD(Cross-jurisdiction record) | 165/12 | Regulated | EXT Ltd | 2012-02-28 | |
| APME FX(Cross-jurisdiction record) | 335/17 | Regulated | APME FX Trading Europe Ltd | 2017-08-10 | |
| BUX(Cross-jurisdiction record) | 374/19 | Regulated | BUX Europe Ltd | 2019-04-15 | |
| iFOREX(Cross-jurisdiction record) | 143/11 | Regulated | ICFD Ltd | 2011-05-23 | |
| Klips(Cross-jurisdiction record) | 434/23 | Regulated | Klips CY Ltd | 2023-08-01 | |
| Octa(Cross-jurisdiction record) | 372/18 | Regulated | Octa Markets Cyprus Ltd | 2018-12-10 | |
| Purple Trading(Cross-jurisdiction record) | 271/15 | Regulated | L.F. Investment Limited | 2015-04-06 | |
| Skilling(Cross-jurisdiction record) | 357/18 | Regulated | Skilling Limited | 2018-05-07 | |
| Trading212 · Trading 212(Cross-jurisdiction record) | 398/21 | Regulated | Trading 212 Markets Ltd | 2021-03-01 | |
| AccuIndex(Cross-jurisdiction record) | 340/17 | Regulated | Accuindex EU Limited (ex Ruizean Markets Ltd), | 2017-10-23 | |
| ARGUS(Cross-jurisdiction record) | 010/03 | Regulated | Argus Stockbrokers Ltd | 2003-05-12 | |
| B2Prime(Cross-jurisdiction record) | 370/18 | Regulated | B2B Prime Services EU Ltd | 2018-11-05 | |
| Broctagon Prime Ltd(Cross-jurisdiction record) | 320/17 | Regulated | Broctagon Prime Ltd | 2017-04-20 | |
| Colmex Pro(Cross-jurisdiction record) | 123/10 | Regulated | Colmex Pro Ltd | 2010-10-19 | |
| Exclusive Capital(Cross-jurisdiction record) | 330/17 | Regulated | Exclusive Change Capital Ltd | 2017-08-08 | |
| FINANSERO(Cross-jurisdiction record) | 190/13 | Regulated | Global Trade CIF Ltd | 2013-01-24 | |
| FOREX TB(Cross-jurisdiction record) | 272/15 | Regulated | Forex TB Ltd | 2015-04-07 | |
| Freedom 24(Cross-jurisdiction record) | 275/15 | Regulated | Freedom Finance Europe Ltd | 2015-05-20 | |
| Freedom Finance Europe(Cross-jurisdiction record) | 275/15 | Regulated | Freedom Finance Europe Ltd | 2015-05-20 | |
| FXlift(Cross-jurisdiction record) | 125/10 | Regulated | Notesco Financial Services Ltd | 2010-11-16 | |
| GWG(Cross-jurisdiction record) | 291/16 | Regulated | GWG (Cyprus) Limited | 2016-01-20 | |
| IGM Forex(Cross-jurisdiction record) | 309/16 | Regulated | IGM Forex Ltd | 2016-08-16 | |
| Key to Trading(Cross-jurisdiction record) | 436/23 | Regulated | Kleis EU LTD | 2023-09-04 |
CYSEC (Cyprus (European Union)): 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 (European Union))?
CYSEC (Cyprus Securities and Exchange Commission) supervises financial institutions in Cyprus (European Union) 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 189 recorded licence entries?
Our database currently tracks 189 licence records referencing CYSEC (168 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 (European Union)) 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.