The Republic of Cyprus has not being implementing important EU rules on Investor Protection for years, despite its being seat of 248 investment firms which can do business across Europe under the sole supervision of corrupt Cypriot authorities
- Cyprus has not a proper funded Investor Compensation Fund for clients of investment firms
- Cyprus has not established an entity for Alternative Dispute Resolution
- Cyprus does not enforce EU rules on Capital Adequacy and do not force investment firms to disclose financial statements
- Cyprus has not implemented the Reporting regime pursuant to the MiFID II directive.
These violations have caused detriment to small investors all over the EU.
A large number of Cypriot investment firms are bankrupt but keep operating and collecting money with aggressive marketing practices. Clients cannot access an Alternative Dispute Resolution procedure.
We have been filing administrative complaints to the EU Commission, but the EU Commission has being delaying infringement procedures for years.
So we would like to file the case before the European Court of Justice.
Interested Law firms please contact me