Breaking: Banc De Binary Settles With CySEC to Pay €350,000
- Binary options brokerage Banc De Binary has settled with the Cyprus Securities and Exchange Commission.
Bank De Binary has settled with the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) to pay €350,000 for possible violations. According to the official announcement by the regulator, the binary options brokerage might have violated a couple of points in the Cyprus Investment Firms law.
Just as Finance Magnates reported exclusively in December, the regulatory action against brokerages regulated on the island which the Cypriot watchdog started with the announcement of several fines was just the beginning.
According to the announcement the amount has already been paid by the brokerage with the regulator noting that the settlement agreements are calculated as revenue into the books of the Treasury of the Republic and are not withheld by CySEC.
The company has been found to be in possible violation on a number of counts. These include misleading marketing materials, the lack of adequate contractual obligations set between the brokerage and the client and their rights and duties, as well as the lack of sufficient information about the binary options brokerage and the assets it is providing for trading.
This possible violation count relates directly to the recent changes which CySEC aims at binary options brokers which will have to define the specific contracts which are quoted in their platforms.
Another list of violations is related to possible lack of adequate policies and procedures sufficient to ensure its compliance with the law. This point includes the company’s managers, employees, tied agents and other relevant persons.
The regulator also mentions Article 28 (d) of the Cyprus Investment Firms law which is relating to the performance of investment services, in this case most likely trading signals providers. Those must adhere to a list of criteria, which in the case of binary options robots or signals providing tools is rarely the case.
Bank De Binary has settled with the Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) to pay €350,000 for possible violations. According to the official announcement by the regulator, the binary options brokerage might have violated a couple of points in the Cyprus Investment Firms law.
Just as Finance Magnates reported exclusively in December, the regulatory action against brokerages regulated on the island which the Cypriot watchdog started with the announcement of several fines was just the beginning.
According to the announcement the amount has already been paid by the brokerage with the regulator noting that the settlement agreements are calculated as revenue into the books of the Treasury of the Republic and are not withheld by CySEC.
The company has been found to be in possible violation on a number of counts. These include misleading marketing materials, the lack of adequate contractual obligations set between the brokerage and the client and their rights and duties, as well as the lack of sufficient information about the binary options brokerage and the assets it is providing for trading.
This possible violation count relates directly to the recent changes which CySEC aims at binary options brokers which will have to define the specific contracts which are quoted in their platforms.
Another list of violations is related to possible lack of adequate policies and procedures sufficient to ensure its compliance with the law. This point includes the company’s managers, employees, tied agents and other relevant persons.
The regulator also mentions Article 28 (d) of the Cyprus Investment Firms law which is relating to the performance of investment services, in this case most likely trading signals providers. Those must adhere to a list of criteria, which in the case of binary options robots or signals providing tools is rarely the case.