CySEC Fines Maxigrid Directors, Bans Four from CIF Management
- They failed to 'define and take responsibility' leading to non-compliance.
- The CIF license of the company was withdrawn last February.

The Cyprus Securities and Exchange Commission (CySEC) has slapped administrative sanctions on current and former directors of Maxigrid, which operates retail FX and CFD trading brands Dualix and AGM Markets.
Announced on Friday, the financial market supervisor slapped a monetary penalty of €200,000 on Roy Almagor, who is a shareholder and former Non-Executive President of Maxigrid’s Board. Additionally, he is facing a five-year ban from taking a management position in a Cyprus Investment Firms (CIFs).
Jekaterina Pedosa, an Executive Director of the company, received a €10,000 administrative fine, along with a five-year management ban. Katerina Papanicolaou, another Executive Director, and Nikolai Monogarov, an ex-Executive Director, also received an individual ban of two years from taking any CIF management role.
The regulatory decision against the directors came after an invention against the non-compliances of Maxigrid.
“Specifically, during the period between 4th September 2020 and October 2021, the principle of governance arrangements, which is set out in section 10(1)(b)(ii) of the Law, was not applied.”
A Troubled Brokerage Operator
The Cypriot regulator withdrew Maxigrid’s license last February after the company failed to comply with multiple mandatory requirements. Moreover, it led to the suspension of the services of Maxigrid’s trading brands.
Furthermore, earlier this month, CySEC initiated the compensation payment process for the clients of Maxigrid Ltd under the Investors Compensation Fund, mentioning the broker is “unable to meet its 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 or will owe you money that is considered an obligation. Different Types of ObligationsBonds, banknotes, and coins are examples of obligations because they assure users that they are accredited with the face value of that item. Obligations play a considerable role in personal finance and should be included in every budget. While every budget is different from one another, individuals can use the Financial Obligation Ratio (FOR) that is published quarterly by the Federal Reserve Board as a good reference point on how to best structure individual budgets. For those in the process of retirement planning, obligations should be scrutinized with a wide scope.These should include typical financial obligations such as mortgage payments and healthcare expenses that may incur. In trading, obligations are dealt in the form of put options and short selling or they may refer to the selling of shares on the next trading day after they were purchased in delivery. When obligations fail to be met and legal proceedings have begun, the severity of the punishment set forth is primarily determined by the terms of the contract although juror and judge intervention may lessen the obligations that must be met to fulfill the contract.
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 or will owe you money that is considered an obligation. Different Types of ObligationsBonds, banknotes, and coins are examples of obligations because they assure users that they are accredited with the face value of that item. Obligations play a considerable role in personal finance and should be included in every budget. While every budget is different from one another, individuals can use the Financial Obligation Ratio (FOR) that is published quarterly by the Federal Reserve Board as a good reference point on how to best structure individual budgets. For those in the process of retirement planning, obligations should be scrutinized with a wide scope.These should include typical financial obligations such as mortgage payments and healthcare expenses that may incur. In trading, obligations are dealt in the form of put options and short selling or they may refer to the selling of shares on the next trading day after they were purchased in delivery. When obligations fail to be met and legal proceedings have begun, the severity of the punishment set forth is primarily determined by the terms of the contract although juror and judge intervention may lessen the obligations that must be met to fulfill the contract.
Read this Term arising out of investors' claims and has no early prospect of being able to do so.”
The Cyprus Securities and Exchange Commission (CySEC) has slapped administrative sanctions on current and former directors of Maxigrid, which operates retail FX and CFD trading brands Dualix and AGM Markets.
Announced on Friday, the financial market supervisor slapped a monetary penalty of €200,000 on Roy Almagor, who is a shareholder and former Non-Executive President of Maxigrid’s Board. Additionally, he is facing a five-year ban from taking a management position in a Cyprus Investment Firms (CIFs).
Jekaterina Pedosa, an Executive Director of the company, received a €10,000 administrative fine, along with a five-year management ban. Katerina Papanicolaou, another Executive Director, and Nikolai Monogarov, an ex-Executive Director, also received an individual ban of two years from taking any CIF management role.
The regulatory decision against the directors came after an invention against the non-compliances of Maxigrid.
“Specifically, during the period between 4th September 2020 and October 2021, the principle of governance arrangements, which is set out in section 10(1)(b)(ii) of the Law, was not applied.”
A Troubled Brokerage Operator
The Cypriot regulator withdrew Maxigrid’s license last February after the company failed to comply with multiple mandatory requirements. Moreover, it led to the suspension of the services of Maxigrid’s trading brands.
Furthermore, earlier this month, CySEC initiated the compensation payment process for the clients of Maxigrid Ltd under the Investors Compensation Fund, mentioning the broker is “unable to meet its 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 or will owe you money that is considered an obligation. Different Types of ObligationsBonds, banknotes, and coins are examples of obligations because they assure users that they are accredited with the face value of that item. Obligations play a considerable role in personal finance and should be included in every budget. While every budget is different from one another, individuals can use the Financial Obligation Ratio (FOR) that is published quarterly by the Federal Reserve Board as a good reference point on how to best structure individual budgets. For those in the process of retirement planning, obligations should be scrutinized with a wide scope.These should include typical financial obligations such as mortgage payments and healthcare expenses that may incur. In trading, obligations are dealt in the form of put options and short selling or they may refer to the selling of shares on the next trading day after they were purchased in delivery. When obligations fail to be met and legal proceedings have begun, the severity of the punishment set forth is primarily determined by the terms of the contract although juror and judge intervention may lessen the obligations that must be met to fulfill the contract.
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 or will owe you money that is considered an obligation. Different Types of ObligationsBonds, banknotes, and coins are examples of obligations because they assure users that they are accredited with the face value of that item. Obligations play a considerable role in personal finance and should be included in every budget. While every budget is different from one another, individuals can use the Financial Obligation Ratio (FOR) that is published quarterly by the Federal Reserve Board as a good reference point on how to best structure individual budgets. For those in the process of retirement planning, obligations should be scrutinized with a wide scope.These should include typical financial obligations such as mortgage payments and healthcare expenses that may incur. In trading, obligations are dealt in the form of put options and short selling or they may refer to the selling of shares on the next trading day after they were purchased in delivery. When obligations fail to be met and legal proceedings have begun, the severity of the punishment set forth is primarily determined by the terms of the contract although juror and judge intervention may lessen the obligations that must be met to fulfill the contract.
Read this Term arising out of investors' claims and has no early prospect of being able to do so.”