Lionsman Capital CySEC settlement details: €90,000


Cypriot regulator has reached a settlement with Lionsman Capital Markets Limited. We present to you the Lionsman Capital CySEC settlement details. 

5 July, AtoZForex The Cyprus Securities and Exchange Commission (CySEC) yesterday has reached a €90,000 settlement with Lionsman Capital Markets (Cyprus) Ltd.

Lionsman Capital CySEC settlement details

The Cypriot financial regulator has reached a €90,000 settlement with Lionsman as a part of its supervisory activities. This time, the firm under the spotlight is the former operator of the Forex and Binary Options brokers in Cyprus, namely Lionsman Capital Markets.

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The official announcement from CySEC states that the regulator has reached a settlement with the Cyprus Investment Firm Lionsman Capital Markets (Cyprus) Ltd. CySEC adds that there were possible violations of the Investment Services and Activities and Regulated Markets Law of 2007.

Also, the regulator believes that the company might have breached some of the provisions of the Directives of the Law.  In its announcement, the regulator stated that the settlement took place after the assessment of the Lionsman's compliance with:

'1. Article 28(1) of the Law, according to which a Cyprus Investment Firm (a “CIF”) must, at all times, comply with the conditions under which authorisation was granted as laid down in Part III of the Law and in particular, with the conditions laid down in articles 18(2)(a) and (d) of the Law.

2. Article 36(1), (a), (b) and (d) of the Law relating to conduct of business obligations when providing investment and ancillary services to clients.'

Lionsman Capital Markets' scope of activities

Lionsman Capital Markets previously operated the OptionWeb Binary Options firms. Moreover, it owned the Retail Forex and CFDs brokerage NessFX. However, some time ago the firms were transferred under the management of another parent firms. OptionWeb is now operating under the Spot Capital Markets Limited, while NessFX is a brand of FxNet Limited.

In the official announcement, CySEC did not specify the particular reasons for the settlement. In addition, CySEC notes that it has the power to reach a settlement for any breach or possible breach, act or omission, in case the regulator believes that it violated CySEC rules.

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