Cyprus Securities and Exchange Commission (CySEC)
ProbusFX abides by the strictest standards and is authorised and regulated by the Cyprus Securities and Exchange Commission (Licence Number: 329/17). CySEC is a member of the European Securities and Markets Authority (ESMA).
ProbusFX holds a cross-border CySEC licence, authorising the provision of investment and ancillary services. The company complies with EU and local regulations such as the European Markets in Financial Instruments Directive (MiFID) and the Cyprus Investment Services and Activities and Regulated Markets Law of 2007 Law 144 (I)/2007.
The aim of MiFID is to regulate the market of financial instruments and the provision of investment services and activities within the European Economic Area (EEA). The Markets in Financial Instruments (MiFID) directive 2004/39/EC came into effect on 1/11/2007 and was adopted in Cyprus through the Cyprus Investment Services and Activities and Regulated Markets Law of 2007 (Law 144 (I)/2007). MiFID’s main objectives are to ensure customer protection, improve levels of efficiency, maximize financial transparency and promote competition. MiFID also allows the passporting of investment firms thus giving a firm the ability to provide investment and ancillary services in another member state and/or a third country. This is subject to the investment firm’s authorization.
Investor Compensation Fund
ProbusFX is a member of the Investor Compensation Fund in Cyprus. This was established under the Investment Firms (IF) Law 2002 and the Establishment and Operation of an Investor Compensation Fund for Customers of CIFs Regulations of 2004. The objective of the fund is to secure any claims of retail clients (up to €20,000 per client). Full details can be obtained upon request.