Specifically, the settlement concerns compliance with firm's marketing, distribution and sales of CFDs to retail clients. CySEC stated: 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 («the…
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The regulatory concerns were related to the firm’s CIF license conditions, organizational requirements , conflict of interest, elements of remuneration and general principles and information to clients. CySEC’s settlement with Magnum FX came after an investigation, following an onsite inspection in the company regarding the period from January 2019 to July 2020. Similarly to F1…
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The settlement follows an investigation into Triangleview Investments involving compliance omissions regarding protection of clients’ funds during the period between December 2021 and February 2022. CySEC recently tightened supervision on CFDs brokers as it introduced additional controls to strengthening investor protection. The regulator warned brokers that if they repeatedly have issues with compliance, they will…
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TJM executed trading in the value of about £59 billion in Danish equities and £20 billion in Belgian equities. The firm received commission of £1.4 million. In other instances, TMJ also executed transactions with no apparent purpose than to transfer substantial windfall profits of €4.3 million amongst its clients. Thefirm also accepted payment from a…
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CySEC stated: Α settlement has been reached with the CIF BCM Begin Capital Markets CY Ltd («the Company») for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017. The settlement follows an investigation into the company's operations from January 2021 to April 2022. Earlier in June, CySEC announced…
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The official CFTC announcement stated that Interactive Brokers charged customers the higher fee, but it ended up paying the exchange the lower fee applicable to spread trades. The company overcharged its customers a total of $710,828.14. According to Interactive Brokers, where the firm confirmed that a current customer was overcharged, it refunded the amount. The…
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Osman Nawaz, Chief of the Division of Enforcement’s Complex Financial Instruments Unit Advisory firms are obligated to implement appropriate policies and procedures to ensure all parties involved in the sale of complex financial products and strategies have a clear understanding of the risks those products present. As fiduciaries, advisers also must make suitable recommendations to…
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Further, EY admits that during the Enforcement Division’s investigation into the firm, it stated that the firm had no current issues with cheating when, in fact, it had been informed of possible cheating on a CPA ethics exam. Moreover, EY did not correct its stance after it conducted an internal investigation and confirmed that cheating…
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The SFC noted that in practice CESHK failed to manage and invest the funds' assets and investments on a discretionary basis as required by the regulator. Instead, the decision when to invest was up to the fund’s directors. The firm considered that its main investment objective was for making sure that the funds’ assets were…
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The Aussie watchdog discovered that despite the ban which is in force until 5 September 2024, Toledo continued to provide financial advice and deal in financial products. Moreover, according to the regulator, he provided financial advice to a SMSF to invest in Premier Realty Group Pty Ltd and arrange a sale of 70,000 shares in…
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