The Cyprus Securities and Exchange Commission (CySEC) has reached a settlement with the brokerage operator, Triangleview Investments Ltd for 'possible violation' of compliance rules.
Triangleview Investments paid €50,000 as a part of the settlement.
“CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may reach a settlement agreement regarding any violation or possible violation, act, or omission for which there is reasonable ground to believe that is in breach of the provisions of legislation under the regulatory remit of CySEC ,” the regulatory announcement on Monday stated.
The settlement came as a part of the regulatory investigation into the retail trading platform operator. It involves possible compliance lapses around client fund protection between December 2021 and February 2022.
Triangleview Investments received its CySEC license in early 2020 with which it is offering services within the European Economic Area (EEA).
It operates trading services under two brands, Triangle Markets and 3 Angle FX. Both are offering retail trading services with instruments of forex and contracts for differences (CFDs) of several asset classes.
Tightening Supervisory Rules
Cyprus is home to dozens of retail trading platforms that are targeting the European markets by passporting their CIF license. However, many of them have a bad reputation which was even pointed out by other European financial market regulators.
CySEC is now tightening its supervisory rules and recently issued a warning to CFDs brokers, ordering them to improve practices. In case of any violations, the regulator will take enforcement action that might come as monetary penalties or even suspension or withdrawal of CIF license in extreme cases.
Most recently, CySEC withdrew the license of FXVC-operator, Finteractive, upon the request of the firm. Though the reason behind the decision was not revealed, the brokerage operator was fined before for possible non-compliance.
