Updated: CySEC issued a statement that it settled with Reliantco for undisclosed violations at the amount of 100,000 EUR and then immediately recalled this announcement.
Updated 2: Reliantco today (February 11th, 2013) sent us this statement:
In an official announcement issued by the Cyprus Securities and Exchange Commission (“CySEC”) on the 31st of January 2013, it was conferred to the public that the CySEC had reached a compromise with our Company, Reliantco Investments Ltd.
CySEC highlighted the Company’s disproportionate high growth rate compared to its increase in personnel. In an effort to satisfy CySEC’s requirement the Company shall continue to expand its team of global financial experts at an increasing rate specifically at its Cyprus head office.
As a result of the continuous demands from clients, the Company will also erect a branch office in a European country contributing to its positive footprint and addressing the requirements of different regulatory bodies.
Understanding the Gaps in Forex TradingGo to article >>
As depicted in CySEC’s announcement and confirmed by the Company’s senior management, the Company remains in excellent standing with CySEC and continues to lead the industry in both, growth and customer satisfaction.
Reliantco Investments Ltd is an online broker for the Forex Industry which also specializes in trading commodities, CFDs and indices. As such we are regulated by the CySEC under license number 127/10 and exclusively operate the UFXMarkets brand name in the European Economic Area. The regulatory standards of CySEC ensure that our Company adheres to strict European MiFID guidelines resulting in increased client protection.
Dennis de Jong, M.Sc., LL.M.
Reliantco Investments Ltd