Taking care of business! GABRIEL STYLLAS Founder of 5Comply
It was great to meet up with my old boss Gabriel Styllas, who now runs his own boutique consultancy for some of the leading brands in both Cyprus and the wider area. Always approachable and great to learn from over the years, it is great to have him appear Game Changers for the first time. Q Congratulations on the establishment of your new brand FIVECOMPLY. In case the readers are not aware, you mentored me for many years, and was one of the driving forces behind Game Changers Magazine. Can you give the readers an outline of your career? It’s a great pleasure to get interviewed by a good friend and ex colleague. I am very proud and happy for your and the Game Changers great success. You deserve this! I have more than 20 years of experience in international banking and the financial services sector, serving among others as CEO, General manager, Head of Compliance, Head of Dealing and authorised stockbroker working for various Investment Firms and Credit Institutions. I have also served as a member of the Board of Directors in numerous investment firms and credit institutions in the EU, supervised by the FCA, BaFIN, CySec, the Central Bank of Cyprus and the Bank of Greece. In addition to my experience expertise with dealing with regulators, acquiring licenses world-wide, and offering seminars in relation to Investment Firms Law as well as in Compliance & Anti Money Laundering Q We first met when you were the CEO of TopFX 6 years ago. How have you seen the industry change since we first met? The forex industry is very dynamic and its constantly changing. Especially during the last few years, we have experienced a lot of changes in the industry.
Gabriel Styllas Founder of 5Comply
During the last few years we have experienced much stricter legislation in Europe in relation to the marketing, distribution and sale of Contracts for Differences (“CFDs”) to retail clients e.g. maximum leverage limit of 30:1, restrictions on the incentives offered to trade CFDs, (including the offering of bonuses or other enticements). This is the new trend among all the well-respected major regulators around the world like the Australian regulator ASIC. At the same, nowadays the banks are much more hesitant to work with forex brokers especially with brokers in a jurisdiction without any appropriate forex regulation such as St. Vincent & The Grenadines, Bermuda and Marshall Islands. It is therefore of utmost importance to see ahead and take the right decisions about licensing, bank account opening, selection of PSPs, etc At FIVECOMPLY we help brokers to make the right decisions and to execute them properly
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