The Cyprus Securities and Exchange Commission (CySEC) has announced a settlement agreement with Notesco Financial Services Ltd regarding a possible violation of Regulation on markets in financial instruments.

According to CySEC's announcement, the decision to settle was made on January 29, 2024, following an inspection conducted in 2023 to assess the Company's compliance. The inspection was carried out by CySEC's Directive, which pertains to the Restriction on the Marketing, Distribution, and Sale of Contracts for Difference to Retail Clients.

Resolving Compliance Dispute with CySEC

Under the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission Law of 2009, CySEC has the authority to enter into settlement agreements for violations or possible violations that breach the provisions of legislation within its regulatory remit. The settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term reached with Notesco Financial Services Ltd amounts to €100,000. The Company has already fulfilled its obligation by paying the specified amount.

CySEC Decision for reaching a settlement with company Notesco Financial Services Ltdhttps://t.co/Y1bDGdvslf

Απόφαση ΕΚΚ για επίτευξη συμβιβασμού με την εταιρεία Notesco Financial Services Ltdhttps://t.co/iCIXPy0yl7

— CySEC (@CySEC_official) April 2, 2024

CySEC emphasized that settlements are reached when there are reasonable grounds to believe that a violation has occurred. However, there is no indication of any judicial review or ruling related to this particular case.

Inspections and Penalties Ensure Regulatory Compliance in 2023

Earlier, Finance Magnates reported that CySEC underscored its focus on regulatory integrity and investor protection through inspections and penalties on non-compliant entities in 2023. Conducting over 700 audits, both on-site and remote, the regulatory body prioritized adherence to regulations and safeguarding investor interests.

CySEC's Market Surveillance and Investigations Department conducted 42 investigations, with an additional 48 ongoing cases by year-end. The supervisory audits led to administrative fines totaling €2.2 million, including a notable €1 million fine imposed on a single investment firm, highlighting the severity of regulatory violations.