CySEC fines IronFX €2000 over financials submission failure. One of the latest announcement from the Cypriot regulator stated that the brokerage failed to comply with section 114 of the Investment Services and Activities and Regulated Markets Law of 2007.
28 June, AtoZ Markets –The financial regulator of Cypriot markets, the Cyprus Securities and Exchange Commission (CySEC) has published a number of announcements on its website. One of the announcements outlined that the watchdog has decided to fine the Cyprus Investment Firm (CIF) Iron FX Global Ltd (now Notesco Financial Services Ltd) €2000.
CySEC Fines IronFX €2000 Over Financials Submission Failure
The official document from CySEC states:
“The Board of the Cyprus Securities and Exchange Commission (‘the CySEC’) would like to inform the public that, at the meeting held on 4 the December 2017, decided to impose an administrative fine of €2.000 to the CIF Iron FX Global Ltd (now Notesco Financial Services Ltd), for non-compliance with section 114 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force.”
Therefore, according to the regulator, IronFX failed to submit its audited financial statements for the year ending December 31, 2016. The brokerage did not submit the required documents by the time-limit set by the law.
CySEC’s IronFX fine Decision
The Cypriot regulator has mentioned that it took into consideration the following factors when deciding on the fine imposition:
I. The importance it gives to ensuring that the persons covered by the law comply fully with its provisions.
II. The timely submission of the financial statements of the CIF is necessary for the effective exercise of the supervisory role of CySEC. Late submission makes it difficult for the CySEC to control and creates gaps in the flow of information from the supervisory authorities.
III. The seriousness it gives to the timely submission of financial statements of the CIF.
IV. As a mitigating factor, the company has finally submitted/notified the ECC-Audited financial statements for the year ended 31 December 2016 On September 15, 2017.
V. As a mitigating factor, the company did not have a similar infringement in the past.
We have reached out to the company’s officials for a comment and currently are waiting for a response.
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