CySec announced Settlement with IronFX Global Ltd for €335.000 

CySEC

The Cyprus Securities and Exchange Commission (CySec), following its announcement dated 06/08/2015, has issued an announcement to inform that:

According the Article 37(4) of the Law 73(I)-2009 consolidated up to 135(I)-2015, the Commission may proceed with a compromise of any violation or possible violation, act or omission for which there is reasonable suspicion that a person has committed in violation of the provisions of this Law or the Regulations or directives issued under this Law or the relevant legislation.

In relation to the the above Artice and the request from IronFX Global Ltd, CySec announced that it has proceed with a compromise with the company for which reasonable suspicious exist for possibly violations of the Law 144(I)-2007.

CySec states that, the possibly violations mainly refer to the Compliance of the company including among other the:

1) Article 28(1) Continuous CIF obligations

2) Article 36(1) Conduct of business obligations when providing services to clients.

3) Article 38(1) Obligation to execute orders on terms most favourable to the client.

CySec informs that the comprise is for €335.000.

The Company has paid staightly the amount.

Source: CySec

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