CySEC and Colmex Pro Reach €50,000 Settlement

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) announced this Thursday that it has reached a settlement with Colmex Pro Ltd, a Cyprus investment firm, of €50,000.

According to the statement from the financial regulator: "A settlement has been reached with the Cyprus Investment Firm ColmexPro Ltd (the “Company”) for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007..."

Specifically, the settlement was reached after the regulator assessed the company’s compliance with business obligations when providing investment and ancillary services to clients, and the conditions of its CySEC license, the statement released today said.

The settlement reached today is not in connection with a previous fine that was imposed on the Cypriot company back in December of 2016. As Finance Magnates reported at the time, CySEC imposed an administrative fine of €100,000 on the company.

This previous decision on the fine was made over noncompliance issues with the local Investment Services and Activities and Regulated Markets Law.

According to the company website, Colmex Pro offers private and institutional investors the opportunity to trade foreign exchange (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), contracts for differences (CFDs) and equities through a number of trading platforms, such as MetaTrader 4 and web trader.

The company was established in 2010 and is headquartered in Limassol, Cyprus. The company offers its products across Europe through its CySEC license.