October 6, 2020 | AtoZ Markets – The Cyprus Securities and Exchange Commission (CySEC) announced Tuesday, that it has reached a settlement with the CIF Royal Forex Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2017 (“the Law”).
Royal Forex, a CySEC regulated firm offers contracts for difference (CFDs) instruments for a range of assets, including forex, digital currencies, equities, and commodities, under its authorized ROinvesting.
CySEC reached €270.000 settlement with Royal Forex Ltd
More specifically, the settlement reached involved assessing the Company’s compliance for the period January 2018 until December 2019, following information on August 2018 and after an onsite inspection on March 2019, with regard tο:
1. Article 5(1) of the Law regarding the requirement for CIF authorization.
2. Article 22(1) of the Law as to the authorization conditions of articles 17(2) and 17(5)(a) of
the Law, regarding the organizational requirements with which a CIF is required to comply.
3. Article 24 of the Law regarding conflicts of interest.
4. Articles 25(1) and 25(3) of the Law regarding the general principles and information to
CySec has now confirmed that Royal Forex Ltd has paid the amount of €270.000 for the possible violations. However, the amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and do not constitute income of CySEC.
It is worthy of note that the Cypriot regulator entered into similar settlements with other brokerage firms as well, including iTrader, Colmex Pro and XTrade Europe.
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