Plus500 on CySec’s Circular for bonuses
Plus500 has issued an announcement following the 13% dive of its share price.
According its announcement, Plus500 does not believe that the CySec’s Circular relevant to the CFD industry in which the Company operates, will have a material operational or financial impact on the Company.
On November 30, 2016 CySec has issued a Circular to inform the Cyprus Investment Firms (CIFs) that ESMA published on October 11, 2016, an updated version of its questions and answers document (the ‘Q&A’) on the application of the Markets in Financial Instruments Directive (MiFID) to the marketing and sale of financial contracts for difference (CFDs) and other speculative products to retail clients (such as binary options and rolling spot forex).
In the Circular, special attention is drawn to the following parts:
i. the use of trading benefits when offering CFDs or other speculative products;
ii. the withdrawal of funds from trading accounts;
iii. the use of leverage when offering CFDs or other leveraged products to retail clients; and
iv. best execution obligations for firms offering CFDs or other speculative products to retail clients.
Read more for CySec’s Circular HERE
Source: Plus500 – CySEC Update
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