CySEC Temporarily Suspends CIF License of Fenix Capital

The Cyprus Financial regulator 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 on Wednesday handed down a suspension on the Cyprus Investment Firm (CIF) license of Fenix Capital Markets Trading Ltd, according to a decision being made at the regulator’s last meeting.

Fenix, which offers brokerage and investment advice services, had its license temporarily suspended after CySEC raised concerns over practices by the company, as well as its management that the watchdog deemed potentially not compliant with regulatory standards.

In particular, the broker was initially flagged for non-compliance with section 22(1) of the Cypriot Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term “due to the Company’s possible non-compliance at all times with the authorisation condition in section 9(16) (management body) and in section 10 (governance arrangements) of the Law.”

CySEC imposed the punitive measures as the aforementioned violations may endanger the company’s clients’ interests or "the regular operation of the capital market."

Fenix Capital is obliged to take action within 15 days to comply with the necessary provisions then apply to reactivate their license once more. But while the license suspension is in force, the company is not permitted to enter into a business relationship with any person, accept any new customer or provide any services.

In addition, Fenix must, if existing clients so wish, close any open positions about clients’ contracts (on time or earlier if the client wishes so). It will also be required to return to existing clients all of their funds and profits earned, if and when the clients so wish.

In the meantime, Fenix has to upload notices regarding the suspension of its license onto all of its sites, though the company has yet to comply.

Finally, if the broker ultimately fails to fix the compliance issues set forth by CySEC, the regulator will trigger the procedure for the revocation of all the operation’s authorizations.