CySEC Fines iTrader.com Parent €30,000 for Multiple Compliance Shortcomings

The Cyprus Securities and Exchange Commission (CySEC ) has just announced that it has fined Hoch Capital Ltd, the parent entity of CySEC licensed Forex & CFD broker iTrader, with €30,000 for violating the Investment Services and Activities and Regulated Markets Law.

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According to the watchdog’s statement, the violations related to “non-compliance with section 36(1)(a) and the Paragraph 6, Subparagraph (2) of the Directive DI 144-2007-02 of 2012 of the Securities and Exchange Commission for the Professional Competence of Investment Firms and the Natural Persons Employed by them.”

The said articles of Cypriot law often govern the information provided on firms’ websites. In similar cases, CySEC fined some brokers the same amount (€30,000) for providing misleading information on its marketing material either through its website or the call centers to which it had outsourced the customer service.

Hoch Capital is regulated by CySEC and has, to comply, therefore with its regulations in order to maintain its CIF trading license. This license enables the broker to offer its services across Europe.