CySEC has joined a growing list of financial overseers in the fight against COVID-19. Amid the unique circumstances that the virus has created, CySEC has decided to give brokers more time to report their annual volumes.
The new date is pushed all the way to the end of July 2020. The original due date was 12th April.
The shift will without a doubt ease many a broker in their struggle with the epidemic, allowing firm to focus on issues connected to the pandemic.
CySEC’s move is a considerable one, for in these annual reports are crucial figures like margin tradings, leverage amounts. It is in 2018 that the Cypriot watchdog started requiring a trading volume for all assets categories. Brokers were required to break down to trading volumes to sub classes, from every type of trader not just retail.
Back then, in 2018, when this directive took force, CySEC claimed that there could be no reminders for this report, and failure to submit it would result in significant fines, indicating a severe push to regulate its brokerage firms.
There are concerns that the virus will cause similar decisions to be made by global financial regulators which in turn will lessen the severity of rules, opening gaps for scammers to fill.