Nicosia, Cyprus. Cyprus officials called for stronger investor protection, better information and improved financial literacy in the forex market, as CySEC reported extensive inspections of investment firms and administrative penalties. The remarks were made at the Cy Economy Forex Conference ’26 in Nicosia.
Investor protection and supervision highlighted at conference
Finance Minister Makis Keravnos said the forex market requires a strong emphasis on investor protection, proper information and the cultivation of financial literacy.
CySEC Chairman Georgios Theocharides said that around 600 inspections were carried out on Cyprus Investment Firms (CIFs) during 2025 and administrative penalties of approximately €2.3 million were imposed.
Representatives of the Cyprus Chamber of Commerce and Industry (Keve) and the Employers & Industrialists Federation (Oev) also highlighted the need for effective supervision, while referring to the forex sector’s contribution to the Cypriot economy.
Keravnos points to macroeconomic stability and public finances
Keravnos said that ensuring conditions of macroeconomic stability and sustainability of public finances remains a steady priority as a foundation for sustainable development and improving citizens’ living standards. His remarks were read by Avgi Chrysostomou Lapathiotou, Director of Financial Services at the Finance Ministry.
ECB official reflects on Cyprus banking sector recovery
George Ioannou, a member of the European Central Bank (ECB) supervisory board and director of supervision of credit institutions at the Central Bank of Cyprus (CBC), said Cyprus’ banking sector recovery after the 2013 crisis reflects the coherent and consistent functioning of banks’ commitment to act and supervisors’ firm oversight.
In an interview published by the ECB, Ioannou said the road to recovery was not smooth. He said that towards the end of 2013, while still mitigating the effects of the crisis, the largest European banks were engaged in the Asset Quality Review conducted at the onset of the Single Supervisory Mechanism, adding that the focus then sharpened on addressing legacy issues and strengthening institutions’ balance sheets.
Ioannou said Cypriot significant institutions responded decisively to the push of supervisors.
What measures do you think are most effective to strengthen investor protection in the forex market?
