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CySEC Execution of MiFID Good Practices Deficient, Determines ESMA 

May 22, 2017

Naomi Barzel, Finace Magnates

ESMA's follow-up MiFID report shows that Cyprus is one of the NCAs that did not address all of its issues.

The European Securities and Markets Authority (ESMA) recently published a report regarding the implementation of MiFID, in which it concluded that CySEC’s addressing of its deficiencies in regulation were not up to the France-based organization’s standards. ESMA did acknowledge that CySEC has made significant changes to its regulatory practices since the first review came out about four years ago.

In 2014, ESMA published a review which showed that overall there was a high degree of compliance with the regulator’s ordered practices regarding organization, monitoring of activities, supervision, thematic work, and treatment of complaints. Several of the National Competent Authorities (NCAs) did well in addressing their deficiencies, such as Malta, Lithuania, Latvia, Portugal, Poland, and Romania. Cyprus, however, was among the ten NCAs which did not address their deficiencies to a satisfactory level.

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