CySEC Seeks Experts in Tender for Regulatory Oversight of Cypriot Investment Firms

<p>The Cyprus Securities and Exchange Commission (CySEC) is
searching for experts specializing in identifying potential regulatory
violations. The regulator has posted a new public tender, seeking two experts
in the undertaking, valued at €240,000. This contract will span a considerable
duration, with applications closing on January 31, 2024.</p><p>The advertised tender, titled "Provision of services by
two experts to conduct investigations regarding potential violations of the
current legislation by CIFs", marks a significant move by CySEC in
enhancing oversight within the financial sector.</p><p>CySEC Unveils Extensive Probe of CIFs</p><p>The commission has defined the detailed schedule for qualified candidates, covering a period of 225 + 225 days for one expert and 112.5 + 112.5 days for the other. This extended duration underscores the depth and
breadth of the investigations that <a href="https://www.financemagnates.com/tag/cysec/" target="_blank" rel="follow">CySEC</a> anticipates.</p><p>The category of CIFs mentioned by the regulator
encompasses insurance services as well as banking and investment services. Invitations for participation will be sent out by the specified deadline, with the opportunity for seeking clarification
available from January 15, 2024, at 13:00.</p><p>In July, <a href="https://www.financemagnates.com/terms/c/cysec/">CySEC</a> announced <a href="https://www.financemagnates.com/forex/exclusive-cysec-offers-140000-for-investigating-cypriot-investment-firms/" target="_blank" rel="follow">a similar public tender</a>,
seeking an external expert to investigate potential breaches committed by CIFs.
This tender was valued at €140,000, with the scope of services requested by the watchdog covering retail
FX, CFD brokers, and crypto firms.</p><p>CySEC's focus on supervisory oversight has evolved
over the years, with CIFs representing the largest group of entities under its
purview. In 2022, there were <a href="https://www.financemagnates.com/forex/cysec-supervised-837-entities-and-imposed-29-million-fines-in-2022/" target="_blank" rel="follow">837 regulated entities</a> under CySEC's supervision,
<a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported.</p><p>CySEC's Evolving Focus</p><p>As CySEC continues to expand its supervisory powers
and conducts rigorous inspections, its pursuit of expert investigative services
signals a dedicated effort to strengthen the integrity of the financial markets and
regulatory <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> among CIFs.</p><p>Eleni Nicolaou from the CySEC’s Department of
Strategy, International Relations and Communications told Finance Magnates regarding the public tender posted in July: "CySEC
is looking for an external expert to conduct investigations regarding possible
violations of the existing legislation by Cypriot Investment Services Firms. This is part of CySEC’s effort to enhance its
supervision with additional resources."</p><p>Recently, CySEC <a href="https://www.financemagnates.com/forex/cyprus-investment-firms-witness-53-decline-in-assets-amid-geopolitical-disruptions/" target="_blank" rel="follow">published its annual report</a> for 2022, highlighting mixed performance for CIFs in Cyrus. This report disclosed a decline of 53% in the assets of CIFs due to geopolitical disruptions. </p><p>
Despite this plunge, CIFs reported a substantial rise of 26% in client base, peaking at 4.1 million in 2022. This trend was attributed partly to market growth and a shift in post-Brexit client reporting standards.</p>

This article was written by Jared Kirui at www.financemagnates.com.