Exclusive: CySEC Informs Some Brokers They Need to Audit Software

[kreslik.news]

Sources from the industry have confirmed to Finance Magnates that some brokers have been urged by the CySEC to undertake technology audits. Stemming from the introduction of the MiFID II regulatory framework, the issue is an obstacle to some companies as the criteria for reviews are not clear.

The move is also resulting in a reinforcement of a trend to outsource technology instead of developing software solutions internally. Smaller and low-mid-sized brokers are the main companies which are suffering from these MiFID II requirements.

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Third Parties Audits

Since the CySEC and broader European regulators typically lack ... (read more)