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CySEC – Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) is the financial regulatory agency of Cyprus. There are several hundred forex brokers authorized and regulated by CySEC. Quite often the commission imposes fines of around half a million of euros or even more.
If a client of some licensed broker is accused of using inside information when trading financial markets, he could be sentenced to a prison term for inside trading.
The tax amount for persons who trade with brokers licensed by the CySEC depends on the tax laws in the countries where customers live. Brokers are obliged to submit financial information to the tax authorities of all countries in the world.