Cyprus Securities and Exchange Commission (CySEC) is looking for experts skilled at identifying potential regulatory violations。The regulator has issued a new public tender to find two experts working on the project, worth €240,000.。The contract will last a long time and the application deadline is January 31, 2024.。

The tender announcement, titled "Investigation into possible violations of existing laws by CIF with the services of two experts," marks a significant move by CySEC in strengthening regulation of the financial sector.。

CySEC launches wide-ranging investigation into CIF

The Committee established a detailed calendar for qualified candidates, with one expert serving for 225 + 225 days and the other for 112.5 + 112.5 days。The extension of time highlights the depth and breadth of CySEC's expected investigation。

The CIF categories mentioned by the regulator include insurance services as well as banking and investment services。The invitation to participate in the survey will be issued within the prescribed time limit and will provide the opportunity to seek clarification from 13: 00 on January 15, 2024.。

In July, the CySEC announced a similar public tender seeking outside experts to investigate possible violations committed by the CIF.。The tender is worth €140,000 and the range of services required by the regulator covers retail forex, CFD brokers and cryptocurrency companies.。

The regulatory focus of the CySEC has changed over the years, with the CIF being the largest group of entities within its regulatory reach.。In 2022, it was reported that there were 837 regulated entities regulated by CySEC.。

CySEC's Changing Focus

As the CySEC continues to expand its regulatory powers and conduct rigorous inspections, its pursuit of expert investigative services signals its commitment to strengthening the integrity of financial markets and regulatory compliance of the CIF.。

Eleni Nicolaou of CySEC's Department of Strategy, International Relations and Exchanges issued a public tender in July: "CySEC is looking for an outside expert to investigate possible violations of existing laws by investment services companies in Cyprus.。This is part of CySEC's efforts to strengthen regulation with additional resources。"

Recently, CySEC released its 2022 Annual Report, highlighting the mixed performance of the Cyprus CIF.。The report revealed that CIF's assets fell by 53% due to geopolitical disruptions.。

Nonetheless, the CIF reported a significant 26% increase in customer base, peaking at 4.1 million in 2022.。This trend is partly due to market growth and a shift in customer reporting standards post-Brexit。