The regulator has imposed the fine for not meeting standards for client order execution and cost transparency.
Earlier, the firm was fined by the regulator for exceeding the EU’s 30:1 leverage limit.
The Cyprus Securities and Exchange Commission (CySEC) has
imposed a €50,000 fine on IC Markets (EU) Ltd for violations of the Investment
Services and Activities and Regulated Markets Law. The decision was made during
a board meeting on July 1, 2024. This fine pertains to breaches of the
Investment Services and Activities and Regulated Markets Law.
CySEC Hits IC Markets
The company has been fined €30,000 for failing to ensure the
best possible outcomes for its clients when executing orders. According to the
regulator, IC Markets (EU) Ltd did not adequately consider factors such as
price and size in its execution process.
Additionally, the company faces a €10,000 fine for not
establishing and implementing effective measures to comply with its obligations
regarding client order execution.
Another €10,000 fine was imposed for not providing clear and
comprehensive information about costs and charges. This failure hindered
clients' ability to fully understand the cost implications and their effect on
investment returns.
'“IC Markets (EU) Ltd strongly refutes the decision made by
the Cyprus Securities and Exchange Commission (CySEC). The fines are, in our
view, unjustified and fail to reflect the true operational standards of our
Company,” IC Markets responded.
“We firmly disagree with CySEC’s conclusions, particularly
the assertion that we did not take sufficient steps to achieve the best
possible execution results for our clients,” the company continued. “IC Markets has always maintained
robust internal systems, including comprehensive ex-ante checks on pricing, and
has consistently taken prompt corrective actions where necessary.”
Regulator’s Earlier IC Markets Fine
Earlier, IC
Markets (EU) was fined €200,000 by the CySEC for breaching leverage rules,
as reported by Finance
Magnates. The penalty follows allegations that the broker offered leverage
up to 1000:1 by using an offshore entity, while EU regulations limit leverage
to 30:1 for FX and CFD brokers.
IC Markets disputes the decision, claiming that CySEC relied
on biased testimony from a former employee and ignored audited evidence. The
company plans to appeal, criticizing the regulatory process for lacking
impartiality and transparency.
The Cyprus Securities and Exchange Commission (CySEC) has
imposed a €50,000 fine on IC Markets (EU) Ltd for violations of the Investment
Services and Activities and Regulated Markets Law. The decision was made during
a board meeting on July 1, 2024. This fine pertains to breaches of the
Investment Services and Activities and Regulated Markets Law.
CySEC Hits IC Markets
The company has been fined €30,000 for failing to ensure the
best possible outcomes for its clients when executing orders. According to the
regulator, IC Markets (EU) Ltd did not adequately consider factors such as
price and size in its execution process.
Additionally, the company faces a €10,000 fine for not
establishing and implementing effective measures to comply with its obligations
regarding client order execution.
Another €10,000 fine was imposed for not providing clear and
comprehensive information about costs and charges. This failure hindered
clients' ability to fully understand the cost implications and their effect on
investment returns.
'“IC Markets (EU) Ltd strongly refutes the decision made by
the Cyprus Securities and Exchange Commission (CySEC). The fines are, in our
view, unjustified and fail to reflect the true operational standards of our
Company,” IC Markets responded.
“We firmly disagree with CySEC’s conclusions, particularly
the assertion that we did not take sufficient steps to achieve the best
possible execution results for our clients,” the company continued. “IC Markets has always maintained
robust internal systems, including comprehensive ex-ante checks on pricing, and
has consistently taken prompt corrective actions where necessary.”
Regulator’s Earlier IC Markets Fine
Earlier, IC
Markets (EU) was fined €200,000 by the CySEC for breaching leverage rules,
as reported by Finance
Magnates. The penalty follows allegations that the broker offered leverage
up to 1000:1 by using an offshore entity, while EU regulations limit leverage
to 30:1 for FX and CFD brokers.
IC Markets disputes the decision, claiming that CySEC relied
on biased testimony from a former employee and ignored audited evidence. The
company plans to appeal, criticizing the regulatory process for lacking
impartiality and transparency.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!