Cyprus FX brokers allowed to skirt customer privacy laws
Cyprus FX brokers allowed to skirt explained by professional Forex trading experts the “Cyprus FX brokers allowed to skirt” FX trading team.
Cyprus FX brokers allowed to skirt
LeapRate Exclusive… We reported (exclusively) last week that segregated client fund bank accounts held by Cyprus FX brokers at Laiki Bank and Bank of Cyprus would NOT be subject to the “haircut” (or more correctly, confiscation) of all accounts above €100,000 at those banks — as long as the ultimate beneficiaries of those funds were indeed small investors, each with a less-than-€100,000 interest in the account.
The problem, as with many things, is in the details — the FX brokers would need to release sensitive client data (names, other identifying details, account sizes) to the banks in order to prove their claims, and get the client funds protected and ultimately released. Even if that was done to protect their own clients, the FX brokers could be subject to legal action for contravening very strict privacy laws.
To help solve this issue, LeapRate has learned that Cyprus’ financial regulator CySEC issued a special circular to regulated investment firms, essentially allowing them to release all client information deemed necessary to secure the release of client funds.
Cyprus FX brokers allowed to skirt Conclusion
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