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GET https://www.investcyprus.org.cy/

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CYSEC FOCUSES ON EDUCATION


George Theocharides, Chairman of the Cyprus Securities and Exchange Commission
(CySEC), tells GOLD why financial education currently tops the regulator’s
agenda and discusses the various initiatives that it has undertaken in this
area, as well as CySEC’s efforts to keep up with the digitalisation of the
industry. By Adonis Adoni

CySEC has recently implemented a number of initiatives to help investors take
informed decisions. What was behind this idea?
Financial education is an important life skill for individuals. It enables them
to take informed financial decisions appropriate to their circumstances and
needs, and to avoid excessive indebtedness or putting themselves in a position
where they take on too much risk. As a result, it benefits society and the
economy. As a regulator, we also see that investor education can complement the
traditional tools of regulation, supervision and enforcement, in helping
individuals avoid and prevent fraud. Our own surveys, as well as those of other
bodies, show that financial literacy levels in Cyprus are low. This is why CySEC
has placed financial literacy and promoting awareness of investor education
among its key strategic objectives. Among the various initiatives that we have
taken, CySEC maintains a dedicated website space on financial education,
offering investors a gateway to reliable and impartial educational and financial
information. We also participate in a national strategy for financial literacy
and education in Cyprus. In addition, CySEC has undertaken financial literacy
seminars and we regularly publish warnings, informative articles and investor
guides. CySEC also actively supports European and global awareness campaigns for
financial literacy, such as IOSCO’s World Investor Week. Late last year, we
published a short online quiz to help people test their knowledge of basic
financial matters and see how much they know.

At the end of last year, CySEC also ran an investor survey. What did you
discover about their behaviour and habits?
The survey was conducted across Europe, with respondents of different
nationalities and ages, to gain a better understanding of the behaviours and
habits that are unique to retail investors. What we found was illuminating! On
the one hand, it was reassuring to know that most investors tend not to invest
more than they can afford to lose. However, we also found that many people rely
on company-provided information or on news reports to determine whether a firm
is legitimate and licenced to operate – only one in three investors actually
check them against online databases provided by the national regulator. It is
crucial that we consider these issues when we develop new tools and strategies
to enhance investor protection.

CySEC has published a €120-000 two-year tender for a Crypto-Asset Markets Data
and Blockchain Analysis Platform. What are the aims of this project?
CySEC is the competent authority for Crypto Assets Services Providers, which we
oversee solely on Anti-Money Laundering issues and the tender aims to support
CySEC’s supervisory role. Specifically, we are seeking access to real-time data
provided by blockchain data platforms, which will assist us in better
understanding and responding to risks identified through the analysis of
crypto-asset blockchain data, including transactions exposed to risky activities
– for example, those related to sanctions, terrorist financing, darknet markets,
fraud, high-risk exchanges and jurisdictions, ransomware, scams and stolen
funds. In addition, it will assist in investigating the source and destination
of cryptocurrency transactions and tracing the flow of funds, as well as
evaluating the risk profile of supervised entities and applicants for due
diligence purposes. Lastly, it aims to monitor the supervised entities’
compliance on an ongoing basis.

What kind of technologies has CySEC itself adopted to keep up with the
digitalisation of the investment industry?
Obviously, the global trend towards digitalisation brings many opportunities
but, at the same time, it comes with risks relating to the protection of
investors, cases of money laundering and terrorist financing, and risks around
cybersecurity. With rising retail activity and accessibility, regulators must be
able to respond to the increasing influence of social media and online message
platforms in trading, particularly to the risks of aggressive marketing
practices. It is imperative to use all available resources and technological
solutions to ensure that regulated entities remain compliant with increasing,
data-heavy regulatory requirements and investor protection processes. As an
example, CySEC has addressed the need to manage Big Data with the introduction
of sophisticated RegTech systems, which use Artificial Intelligence and cloud
computing. The solutions we have adopted can quickly screen data from a large
and varied volume of trading activity to automatically detect risks and
irregularities at an earlier stage, thus enabling us to take proactive action
against them. As part of this, CySEC implements a transaction data processing,
storage and reporting system that can generate business insights and can be used
to supervise market entities. This system will connect to the ESMA hub and can
download and store associated data securely, helping us support ad-hoc queries
and generate reports on both the aggregations and base data. The project is in
its final testing stage and will be implemented by the end of this month. Other
new procedures and methodologies, currently underway, will enhance our ability
to oversee the compliance of regulated entities with regulations such as EMIR,
MIFIR and SFTR, by automatically detecting potential risks and irregularities at
an early stage. As supervisors, we need not only to understand the challenges of
digitalization but to be keenly watchful for new and emerging risks and identify
possible ways of dealing with them to protect investors.

Tell us about CySEC’s recent acquisition to monitor Cyprus Investment Firms
(CIFs).
Part of our work focuses on identifying new ways of using technology and
innovation to support our supervision and increase efficiency. Given the
international, and largely web-based nature of the activities of CIFs, a key
acquisition made by CySEC is a specialised system that analyses and monitors the
online marketing materials and social media activities of Cyprus Investment
Firms. The system has the ability to detect all related mentions from any source
globally, including social media, news sites, forums, blogs, video sites and ad
networks, and covers 187 languages. I should be clear that we do not tolerate
aggressive marketing behaviour or the provision of misleading information to
investors or other abusive practices. Those who seek to break the law have no
place in Cyprus. Our aim is for a stronger, safer, more responsible market both
in Cyprus and across Europe.

Speculative assets like NFTs and crypto are driving innovation in many
industries, so how can CySEC strike a balance between protecting investors and
fostering that innovation?
While we are committed to encouraging financial innovation, it is imperative
that we balance the adoption of new technologies against the threats that are
inherent in innovation and the risks they can pose to market participants. CySEC
established its Innovation Hub more than four years ago to explore the growth
and uses of FinTech developments like blockchain and DLT, AI tools,
virtual/digital currencies, crypto exchanges and RegTech solutions in order to
meet evolving needs and, ultimately, ensure the safety and protection of
investors. Currently, we are in the process of transforming the Innovation Hub
into a Regulatory Sandbox, which we expect to launch in late 2023. In this
controlled environment, fintech startups and other entities will be able to test
their products or services in real conditions under the regulator’s supervision,
allowing us to keep pace with new developments in the digital world, increase
collaboration and better analyze the flow of data.

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