An Axiance operator, ICC Intercertus Capital Limited paid €100,000 to Cyprus Securities and Exchange Commission (CySEC). ICC Intercertus is a well-known retail brokerage offering contracts for difference (CFD) and secures a multi-asset liquidity.
The payment was made to cater to any firm’s possible violations of the European Union’s regulation on markets in financial instruments passed in May 2014.
In particular, the resolution covers the firm’s marketing, sales of CFDs to retail clients, and distribution.
The announcement was made on Wednesday through an affirmation published on the CySEC website. The settlement decision was arrived at on July 18, 2022, by the Cypriot financial markets watchdog Board.
“Α settlement has been reached with the CIF ICC Intercertus Capital Limited for possible violation, for the period January 2020 until May 2021 of Article 42 of Regulation (EU) No 600/2014 on markets in financial instruments as to complying with paragraph 5 of the Directive for the Restriction on the Marketing, Distribution, and Sale of Contracts for Difference (CFDs) to Retail Clients, regarding the prohibition of participation in circumvention activities,” CySEC explained.
‘The income generated from settlement agreements should be wired to the treasury of the Cypriot government and not the regulators,’ the markets supervisor narrated.
Extra Victims Charged
FXBFI Broker Financial Investment Limited also fell the culprit of the same by paying €150,000 to settle possible violations of the country’s local financial regulations.
The regulator stated that the settlement, amid other things, is held on findings about the investment firm’s assent records between February and August 2020.
In addition, CySEC stated that two brokers, Magnum FX (Cyprus) and F1 Markets settled with it by paying €150,000 each.
As the trend in other cases, the regulator confirmed that the settlement was meant for ‘any violation or possible violation’ of local financial laws.
Triangleview Investment Limited is one more exchange that paid €50,000 to the regulator for the same reason. CySEC made the statement in July 2022.
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