The Cyprus Securities and Exchange Commission (CySEC) has settled with another brokerage, this time it is Royal Forex Ltd. It was announced on Tuesday that the brokerage has paid €270,000 to the regulator.
Royal Forex offers contracts for difference (CFDs) instruments for a range of assets, including forex, digital currencies, equities, and commodities, under its ROinvesting brand. The platform is regulated by the Cypriot regulator and obtained its license in 2015.
Though the regulatory notice detailed that its board deceived on the settlement on August 3, it did not reveal exact charges on the brokerage. Rather, CySEC only outlined that the brokerage possibly violated some compliance laws for two years, from January 2018 to December 2019.
“A settlement has been reached with the CIF Royal Forex Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2017,” the notice stated.
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“More specifically, the settlement reached involved assessing the Company’s compliance for the period January 2018 until December 2019, following information on August 2018 and after an onsite inspection on March 2019.”
The regulator indicated that there were possible lapses in CIF authorization, mandatory organizational requirements, conflict of interest, and in the general principles and information to clients.
However, as the settlement deal was already sealed, the brokerage might have addressed all the lapses already.
Promoting Heavily across Europe
This came when the brokerage was promoting heavily across various European markets. It is also sponsoring the Italian football club AC Milan for a year.