Colmex Pro Fined €100,000 by CySEC for Non-Compliance Issues

The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has announced to the public today that it has imposed an administrative fine of €100,000 in total on Colmex Pro Ltd. The board of CySEC has decided on this tough step against the broker at the meeting held a month ago, on November 28, 2016.

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The decision on the fine was made over noncompliance issues with the local Investment Services and Activities and Regulated Markets Law, as CySEC determined that the company failed to comply at all times with all the required operating conditions.

The €100,000 sum is made up of four smaller fines corresponding to specific failures by Colmex Pro to keep up regulations. These include insufficient policies and procedures with respect to the evaluation process for customer compatibility, knowledge and experience and failure to take reasonable steps to avoid undue additional operational risk. Additionally, the information included in its website, provided through online customer service or from advertising, was evaluated and found to be not fair, unclear or misleading.

The Cypriot watchdog has been very tough recently on the many trading and investment firms under its jurisdiction. In November we reported that it has imposed a fine of €225,000 on XFR Financial Ltd, owner of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokers XForex and XTrade, for a series of non-compliance issues in connection with the provision of trading services.