Talk:Cyprus Securities and Exchange Commission

Conflict of Interest edit request

• What I think should be changed (include citations):

Current Text: "The Cyprus Securities and Exchange Commission, (Greek: Επιτροπή Κεφαλαιαγοράς) better known as CySEC, is the financial regulatory agency of Cyprus. As an EU member state, CySEC's financial regulations and operations comply with the European MiFID financial harmonization law."

Proposed Replacement Text: "The Cyprus Securities and Exchange Commission (CySEC) is the independent public supervisory authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus, and the collective investment and asset management sector. It also supervises firms offering administrative services that do not fall under the supervision of the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Bar Association, as well as Crypto-Asset Services Providers."

• Why it should be changed:

The existing description inaccurately refers to CySEC as a financial regulatory agency. In fact, CySEC is a national competent authority, not an agency, and operates as an independent public supervisory body responsible for regulating and supervising the investment services market and related sectors in Cyprus. This update reflects the correct legal status and scope of CySEC, emphasizing its role as a supervisory authority rather than merely a financial regulatory agency. The changes also expand the description to include its responsibility for overseeing firms offering administrative services and Crypto-Asset Services Providers, aligning with current legal mandates.

81.99.177.129 (talk) 13:03, 3 October 2024 (UTC)

1. It's still an agency in a broad sense of the word.

2. The main problem with your proposed edit, however, is that it's a word for word copy from another website, which is a copyright violation and isn't allowed on Wikipedia. Vgbyp (talk) 17:08, 3 October 2024 (UTC)

Also, 3. Would the requesting user please disclose their conflict of interest as required under WP:DISCLOSE? Thank you for your co-operation. Axad12 (talk) 18:05, 3 October 2024 (UTC)

 Not done: The 'Why it should be changed' section shows as having been AI generated on gptzero.me. Thus not admissible. Axad12 (talk) 17:27, 8 October 2024 (UTC)

References

Conflict of Interest edit request

• What I think should be changed (include citations):

Proposed New Section

Section Title: Investor Protection

Proposed Text: CySEC prioritizes the protection of the investing public through effective supervision and the continuous upgrading of methods and tools aimed at investor protection. CySEC regularly publishes Investor Warnings on its website and maintains a list of Unauthorized Websites/Domains. The CySEC website also hosts a public register of authorised entities from other EU Member States that have notified CySEC of their intent to provide investment services in the Republic. Furthermore, CySEC has established an electronic system for the submission of complaints against authorised CIFs and non-regulated entities. In 2015, CySEC issued a clarifying announcement regarding the procedure for submitting complaints, considering the operation of the Financial Services Ombudsman. In an announcement to investors, CySEC clarified that CySEC does not investigate complaints on an individual basis, but those are taken into consideration as part of the exercise of CySEC’s supervisory duties. In 2018 it reformed the operation of the Investor Compensation Fund as an additional safety net for CIFs’ clients. CySEC actively participates in international campaigns to raise public awareness about the importance of financial education and investment risks.

• Why it should be changed:

1. Relevance to CySEC’s Role: The proposed section highlights CySEC's commitment to investor protection, a core aspect of its regulatory mandate. By detailing the tools, resources, and measures CySEC employs to safeguard investors, this addition provides readers with a comprehensive understanding of CySEC's proactive approach to market oversight and public engagement. 2. Enhanced Public Awareness: Including information on CySEC’s investor protection initiatives, such as the publication of warnings, the maintenance of public registers, and the management of complaints, enhances the article’s relevance. It informs readers about the practical steps CySEC takes to protect investors and uphold market integrity. 3. Alignment with Current Practices: The addition reflects CySEC’s current activities and aligns with its mission of continuously enhancing investor safety and market transparency. It demonstrates CySEC's evolving role in educating the public and fostering safer investment environments.

Lk140544 (talk) 14:06, 7 October 2024 (UTC)

 Not done: 'Why it should be changed' section reads as gibberish, and when entered into gptzero.me it shows as 100% AI generated. Thus not admissible. Please do not waste volunteer time in this way again. Axad12 (talk) 17:24, 8 October 2024 (UTC)

References

Discussion around defunct / outdated reference links

Hi editors, we have been looking at trying to update CySEC’s Wikipedia to reflect new developments. We’ve noticed quite a few of the current references / citations are defunct or are very outdated.

For example:

1.      Citation 22 supports this statement: Throughout 2014 and 2015, CySEC has received criticism from traders and industry commentators who claimed that the organization required better legislation regarding the regulation and monitoring of high risk investment firms. They suggested that fines being levied by CySEC tended to be smaller than those handed out by other EU regulatory organizations. Most of the criticism came in regards to specific binary option brokers.

Citation 23 supports this statement: CySEC was the first financial regulator aiming to regulate binary options. As such, binary option brokers, including prominent ones, are either registered (or attempting to register) with CySEC to be able to legally operate within the Eurozone or to be trusted internationally. Some of them have been requesting faster processing procedures and processes.

Neither citation links to the original article in the Cyprus Mail that purported to contain these statements. It’s an advert for a store. We have located the original article independently: https://archive.cyprus-mail.com/2015/09/18/cyprus-needs-better-legislation-to-monitor-high-risk-investment-firms/. It’s dated 2015, so is outdated and refers to a previous Chair of CySEC Demetra Kalogerou. But it also does not contain any information that is quoted by Wikipedia. Is this grounds for removal?

2.      Citation 8 also links to a website that is now defunct.

3.      We note that the issue of binary options is a strong focus of the Wiki page on CySEC, with multiple references to binary options regulation. Yet, binary options have not been available for sale from or in Cyprus since 2019: https://www.agplaw.com/binary-options-restriction-cyprus-2019/. Although Wikipedia does say this, it rather makes all the references to binary options a bit moot. How would you suggest we go about updating these pieces of information to reflect the latest updates?

Would really appreciate any guidance on how to propose edits removing / updating these! Many thanks. Lk140544 (talk) 10:41, 17 October 2024 (UTC)

First, you probably need to make some disclosure of your conflict of interest if there is any. Regarding your examples:

1. These citation can still be accessed via the Wayback Machine.

2. This citation would have to be replaced.

3. That's a part of history. It's not getting removed from Wikipedia just because someone doesn't like it. Vgbyp (talk) 08:36, 18 October 2024 (UTC)