BDSwiss violates CySEC regulation again? €150,000 CySEC BDSwiss Settlement reached


The Cypriot regulator has announced that a €150,000 CySEC BDSwiss settlement was reached. Why did the Forex broker have to pay another fine?

24 January, 2017 | AtoZ Forex – The Cypriot regulator, Cyprus Securities and Exchange Commission (CySEC), has reported that it reached the settlement with Bdswiss Holding Plc. The brokerage got fine of €150,000 for the possible breach of the Investment Services and Activities and Regulated Markets Law of 2007. Along with the violation of the Directives issued in accordance with the Law.

Reasons behind the CySEC BDSwiss Settlement

Bdswiss Holding Plc is a Cypriot investment firm (CIF) authorized by the financial regulator. Furthermore, BDSwiss is the trade name of Bdswiss Holding. BDSwiss specializes in Forex/CFD and Binary Options trading, offering trading services to both retail and institutional investors.

The investigation for which the settlement was reached evaluated the compliance of the brokerage with Article 28(1) of the Law and article 36(1), (1)(a), (1)(b) and (1)(d) of the Law. The article Article 28(1) of the Law implies a CIF has to adhere to the conditions under which the company obtained authorization. The Article to 36(1) refers to the conduct of business obligations when a firm provides investment and ancillary services.

Following the investigation, CySEC reached the settlement with Bdswiss Ltd for the possible violations. The settlement amounted at €150,000. In addition, the regulator reported that the company has paid the fine. The announcement also stated that the amounts are computed as revenue (income) to the Treasury of the Republic. Thus, they are not calculated as an income for CySEC.

BDSwiss violates CySEC regulation again?

This not the first time that the brokerage violated the regulations of CySEC. A year ago BDSwiss received a fine of €5000 because it failed to comply with the regulator. In particular, there was a suspicion that the broker violated two counts of the Investment Services and Activities and Regulated Markets Law of 2007. Consequently, the regulator imposed a penalty of €2,500 for each count. For more information about the case, you can view here the full version of CySEC’s announcement.

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