CySEC Releases Announcement Confirming Reasoning for Handing LQD Markets €80,000 Penalty, Confirms Settlement
- Subsequent to yesterday's exclusive report by Forex Magnates that Cypriot regulator CySEC has demanded LQD Markets to pay 80,000 euros, the regulator today confirmed the reason for the imposition, and the total amount, now mutually settled in full.
Further to yesterday's report by 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 Magnates concerning 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’s imposition of an €80,000 fiscal penalty on LQD Markets, the Cypriot regulator has issued an announcement, albeit a very scant and vague one, on the reasoning behind the issuing of the request for payment and fully confirming the mutually agreeable settlement it reached with LQD Markets.
Although LQD Markets declined to provide full details of both the circumstances that led to the transgression which resulted in the penalty from CySEC, as well as the actual settlement which was entered into, CySEC has today confirmed that the firm was required to pay the full amount of the original sum it demanded, and that the demand was issued as a result of regulatory concerns over alleged violations of the application of the Investment Services and Activities and Regulated Markets Law of 2007.
The alleged violation relates to article 36 of the regulations, and the findings of the regulator were that the company appeared to have been offering investment services through third parties without first obtaining CySEC authorization.
According to CySEC, the sum imposed for transgression of this law depend on the severity of each case assessed, and carry a maximum fine of €350,000. CySEC has confirmed that LQD Markets has at any case now ceased any co-operation with the mentioned third parties.
CySEC's announcement quantifies that LQD Markets has paid the full amount, and LQD Markets has stated categorically to Forex Magnates that the firm’s senior management does not wish to provide any information on this matter.
Further to yesterday's report by 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 Magnates concerning 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’s imposition of an €80,000 fiscal penalty on LQD Markets, the Cypriot regulator has issued an announcement, albeit a very scant and vague one, on the reasoning behind the issuing of the request for payment and fully confirming the mutually agreeable settlement it reached with LQD Markets.
Although LQD Markets declined to provide full details of both the circumstances that led to the transgression which resulted in the penalty from CySEC, as well as the actual settlement which was entered into, CySEC has today confirmed that the firm was required to pay the full amount of the original sum it demanded, and that the demand was issued as a result of regulatory concerns over alleged violations of the application of the Investment Services and Activities and Regulated Markets Law of 2007.
The alleged violation relates to article 36 of the regulations, and the findings of the regulator were that the company appeared to have been offering investment services through third parties without first obtaining CySEC authorization.
According to CySEC, the sum imposed for transgression of this law depend on the severity of each case assessed, and carry a maximum fine of €350,000. CySEC has confirmed that LQD Markets has at any case now ceased any co-operation with the mentioned third parties.
CySEC's announcement quantifies that LQD Markets has paid the full amount, and LQD Markets has stated categorically to Forex Magnates that the firm’s senior management does not wish to provide any information on this matter.