CySEC Fines iTrader.com Parent €30,000 for Multiple Compliance Shortcomings

The Cyprus Securities and Exchange 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) has just announced that it has fined Hoch Capital Ltd, the parent entity of CySEC licensed Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term & CFD broker iTrader, with €30,000 for violating the Investment Services and Activities and Regulated Markets Law.

Discover credible partners and premium clients at China’s leading finance event!

[gptAdvertisement]

According to the watchdog’s statement, the violations related to “non-compliance with section 36(1)(a) and the Paragraph 6, Subparagraph (2) of the Directive DI 144-2007-02 of 2012 of the Securities and Exchange Commission for the Professional Competence of Investment Firms and the Natural Persons Employed by them.”

The said articles of Cypriot law often govern the information provided on firms’ websites. In similar cases, CySEC fined some brokers the same amount (€30,000) for providing misleading information on its marketing material either through its website or the call centers to which it had outsourced the customer service.

Hoch Capital is regulated by CySEC and has, to comply, therefore with its regulations in order to maintain its CIF trading license. This license enables the broker to offer its services across Europe.