On Friday, CySEC announced an agreement of €120,000 with General Capital Brokers Limited, a Cyprus Investment Firm. The Cyprus financial market regulator said the settlement would cover the broker’s possible breach of several laws, including the country’s investment services and Activities and the Regulated Markets Law of 2017.
CySEC fined the brokerage for failing to meet CIF authorization requirements from November 2020 to October 2021. Furthermore, the amount compensates for the broker’s failure to meet conditions essential for being granted an operating license during that time frame.
In addition, CySEC noted that General Capital Brokers did not meet the legal requirements regarding general principles and information provided to clients. The broker has paid the required amount specified by the financial markets supervisor.
CySEC clarified that any sums paid as part of settlement agreements are considered revenue for the Republic’s Treasury and don’t contribute to CySEC’s income.
CySEC, the watchdog of Cyprus’s securities and trading markets, supervises various aspects of the industry and ensures market participants follow appropriate regulations.
In July, the regulator warned CFD brokers that they needed to improve their practices or face negative consequences from the regulating body. These potential actions are in place to help ensure compliance and customer protection.
The Cyprus Securities and Exchange Commission (CySEC) fined ICC Intercertus Capital €100,000 for possible violations of its rules concerning the marketing, distribution, and sales of contracts for difference (CFDs) to retail clients.
The same month, F1 Markets and Magnum FX (Cyprus) paid €150,000 to CySEC for possible compliance violations.
Some of CySEC’s requirements for CIF authorization and operating license conditions were not met by Magnum FX between January 2019 and July 2020. Both companies had previously endured a two-week license suspension, which CySEC enforced in mid-2020.
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