FXFINPRO Capital Loses Cypriot CIF License, Says CySEC

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for a variety of different functions, which includes the supervision Read this Term today said it has wholly withdrawn the Cyprus Investment Firm (CIF) License of ‘PFX Financial Professionals Ltd,’ which operates the brand FXFINPRO Capital, according to a decision made at its meeting on October 22, 2018.

According to the regulatory manifest, FXFINPRO, which holds registration number 193/13, had its license lapsed after CySEC raised concerns over practices by the company and its executives that the watchdog deemed potentially not compliant with its regulatory Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term.

In particular, the broker was initially flagged for non-compliance with section 28(1) of the Law which concerns persons who effectively lead its business, as well as an alleged violation of section 36(1) of the Law (Conduct of business obligations when providing investment services to clients). Further, FXFINPRO didn’t comply with the section 114 with regards to submitting its financial accounts, as well as the section 139(1) which requires regulated firms to provide the CySEC with correct, complete and accurate information.

No longer licensed by CySEC

A visit to the broker’s website reveals that FXFINPRO has already proceeded with changes in its website to remove any references regarding authorization and supervision of the company by CySEC. The company is also required to cease the provision of its services through the Russian domain https://www.finproinvest.ru.

The regulator will give the broker three months from that date to settle its obligations arising from the investment services that will be lapsed, during which time it remains under the Cypriot watchdog’s supervision.

Under the Cypriot regulatory framework, the company must return all outstanding balances to its clients and handle all of their complaints. In addition, FXFINPRO must provide a confirmation from its external auditor that it does not have any pending obligations and must include details of each of the company’s clients.