Regulatory Alerts2022-03-10
ESMA Recommendations on the Supervision of Cross-Border Activities of Investment Firms
The European Securities and Markets Authority issued recommendations to the Cyprus Securities and Exchange Commission to enhance the supervision of cross-border investment services targeting retail clients. The regulator is required to significantly increase its supervisory resources by recruiting approximately 30 to 40 new staff members and to implement a revised annual supervisory plan focusing on high-risk firms. These measures aim to ensure effective ongoing supervision, reduce client complaints, and enforce compliance with MiFID II requirements to protect investors and maintain single market integrity.
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