CySEC Takes Action Against Ayers Alliance, BCS (Cyprus) for Non-Compliance

　　Ayers Alliance broke staffing rules in risk management department appointments.

　　BCS (Cyprus) failed to establish a system for suspicious transaction detection.

　　The Cypriot financial market supervisor, CySEC, continues its crackdown on non-compliance and announced on Tuesday enforcement action against two more regulated companies, Ayers Alliance Financial Group Limited and BrokerCreditService (Cyprus) Limited.

　　Ayers Alliance was found to violate the regulators mandatory staffing requirements for its risk management department. Now, the regulator has ceased the company from using personnel without the skills, knowledge, and expertise required for the performance of the responsibilities of the Head of the Risk Management Department.

　　But, BrokerCreditService is facing an administrative fine of €10,000 for non-compliance with Cyprus market abuse laws. The company did not establish and maintain effective arrangements and systems for detecting suspicious transactions. Thus, it was not taking into account the circumstances of change in the price of the financial instruments in which it is trading, which may give rise to reasonable suspicions that a transaction on the financial instrument could constitute insider dealing.

Financial Service Providers Under CySEC

　　Both companies offer investment and trading services to their client base.

　　BrokerCreditServices offerings under the CySEC license include electronic access through its trading system for the sale and purchase of equities and derivatives on MICEX (Russia), LSE, and several other trading exchanges.

　　Additionally, the Russian sister company of BCS Cyprus became one of the very few locally regulated forex brokers in the country.

　　However, Ayers Alliance offers asset management and structure investment products services. The company was previously known as Harborx Ltd.

　　Meanwhile, CySEC has been very active in taking action against non-compliant entities recently. Within the past few days, the regulator withdrew the Cyprus Investment Firm (CIF) license of three companies, but all of them voluntarily decided to renounce their licenses.

　　Furthermore, the Cypriot regulator is actively blacklisting fraudulent financial services companies that are targeting clients within its jurisdictions. Most of these companies are offshore entities illegally offering services or outright frauds making false claims.

Trading Brokers that are under CySEC regulation

• 　　IC Markets

• 　　XM

• 　　FPMarkets

• 　　easyMarkets

• 　　HYCM

• 　　SQUARED FINANCIAL

• 　　Admiral Markets

• 　　KAB

• 　　Tickmill

• 　　Fortrade

• 　　TFI

• 　　Alvexo

• 　　AAA Trade

• 　　NessFx

• 　　Colmex Pro

　　WARNING: Trading Forex and CFDs has a high level of risk and may result in the loss of your invested cash. You should not invest more than you can afford to lose, and you should be completely aware of the hazards involved. Investing in leveraged products may not be appropriate for all investors. Please examine your level of expertise and investment goals before trading, and obtain independent financial advice if required. Before making any trading choices, please verify that you completely understand the risks.