CySEC imposed an administrative fine on IronFX 

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The board of the Cyprus Securities and Exchange Commission (CySEC) has issued today an announcement to inform investors and public that at the meeting held on 4th December 2017, decided to impose an administrative fine of €2.000 to the CIF Iron FX Global Ltd (now Notesco Financial Services Ltd) (‘the Company’).

In accordance the CySEC’s announcement, the reason for the imposition of the administrative fine is for non-compliance with section 114 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), as the Company has not submitted to CySEC on time, in accordance the legislation, the audited financial statements on an individual basis for the year ended 31 December 2016.

In accordance section 114 of the Investment Services and Activities and Regulated Markets Law of 2007, every CIF must submit to the Commission within four months from the end of the financial year, financial accounts that provide a true and fair picture of the CIF and are in accordance with the applicable accounting standards and rules. The said financial accounts must be audited by an auditor and accompanied by a signed copy of its report.

For more details, click HERE (only in Greek)

Source: CySEC – Decision 06-27-2018 for the imposition of an administrative penalty to IronFX (in Greek)

 

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