A Visit to FIC in Cyprus – Office Found

Reason for this visit

Established in 2003, the Cyprus Securities and Exchange Commission (CySEC) is a financial services regulatory authority, overseeing financial products including securities, stocks, foreign exchange, etc., and its financial regulation and operations align with the European Unions MiFID financial framework.

Since Cyprus joined the EU in 2004, CySEC has become an integral part of the EU‘s Markets in Financial Instruments Directive (MiFID) regulations. This means that any company registered in Cyprus can freely bring its business into the entire European market. As a result, Cyprus has invisibly attracted more and more overseas companies to choose to register there. There has been a notable increase in overseas retail forex brokers who are eager to obtain CySEC regulation. Additionally, significant changes have occurred in Cyprus since it adopted the Euro in 2008. CySEC is now regarded as a reputable regulatory authority, and obtaining a CySEC license gives customers a more positive impression of a company. In brief, obtaining a CySEC license in Cyprus provides clients with a greater sense of security and protection. Furthermore, Cyprus not only has the lowest corporate tax rate among all EU member states but also aims to develop Cyprus’ stock market into the safest, most reliable, and attractive investment destination. In an attempt to provide investors with a tangible understanding of the current situation of brokers in Cyprus, WikiStock survey team is determined to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Cyprus to visit broker FIC as planned according to its regulatory address that 16 Kennedy Avenue, 3rd Floor, CY 1087, Nicosia, Cyprus.

The investigators came to 16 Kennedy Avenue in Nicosia of Cyprus for a visit to the brokers office on March 1, 2024, and located a commercial building in the prosperous business district. In the meantime, the place was easily accessible via public transports.

Upon arrival at the 5-story building with a well-maintained facade for further investigation, the survey personnel spotted a directory and a mailbox at the entrance, both of which displayed the company information and logo regarding FIC. These tangible evidences further approve the existence of the company in the building.

After proceeding to the 3rd floor via the elevator, the inspection team easily discovered the company information and logo of FIC.

Through the on-site investigation, it is confirmed that the broker has a physical presence at the location.

Conclusion

The survey team went to Cyprus to visit broker FIC as scheduled, and found the companys name at its regulatory address. This signifies that the broker has a physical business office at the place. However, the specific company size and its working environment is uncertain duo to the failure to enter the office. Accordingly, investors are advised to make a judicious decision following an overall consideration.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.