The Cyprus Securities and Exchange Commission imposes a EUR 5,000 administrative fine given to one of its CIF member firms for compliance issues as the regulator gets more efficient in its surveillance of online content.
After what had been a busy 2012 for the Cypriot Government and the economy of Cyprus, and its recovery phase during the post 2013 bail-in, the regulator overseeing domestic financial services companies within its territory, CySEC, has stepped up its administrative processes and overall operational efficiency as its seeks to compete and harmonize its efforts with that of modernized regulatory agencies in order to maintain its country's status as an attractive financial center.
Fine Related to Banner Ad Unbalanced and Missing Risk Disclosure
Following a review of the company’s websites iforex.gr on May 24th and May 28th by CySEC, a decision was arrived at by its council on November 11, 2013, and a fine of 5,000 Euros was imposed on iForex in connection with a lack of certain risk disclosures on specific online banner advertising, and unbalanced communications, which have since been rectified as the firm aims to better comply with its regulatory obligations as a CIF. The compliance issues were related to meeting the conditions of paragraph 6 (2) of Directive DI144 - 2007- 02, as per the CySEC press release.
iForex Cyprus Driving the Company's European Growth
Forex Magnates spoke with persons familiar with the matter and close to the company who confirmed that steps have already been taken to fix the issues that were out of compliance - as mentioned in the CySEC announcement -and how the items were minor (also as can be seen in the size of the fine) in the scope of the firm's overall compliance obligations and established regimen.
According to Forex Magnates' sources, iForex has experienced significant growth with the Cyprus office driving its success in Europe, and as part of its parent company group structure.
For a regulator that can impose fines of up to to 350,000 Euros, clearly the administrative fine given in today’s announcement could be more comparable to an expensive parking ticket rather than to comparable fines which were given over the last year to certain financial services conglomerates (some totaling in the billions).
As the regulator becomes more efficient in its oversight and supervisory and surveillance monitoring, such fines may be more commonplace as CySEC reviews online content that its member firms are responsible for.
Administrative Compliance Comparisons and Role of Regulators
In the US, where the NFA has required certain firms to submit such content to NFA's "art" department for review and/or in advance of publication, most NFA member firms under the obligation to keep related messages balanced in their "communications with the public" already know the potential monetary penalties and administrative fines that can be imposed in relation to these - if such communications fall out of applicable guidelines.
This is indeed one way to help ensure firms stay balanced in the scope of meeting their regulatory obligations. Often times, during an audit or review a firm may be given time to fix an issue if it's a one-time event and limited in scope, whereas a firm with repeated violations could receive greater reprimand and less mercy from the regulator especially if the severity of the issue is of grave importance.
Brokerage Retail Advertising Under Regulator's Eye
Each case is unique to a certain degree, but it's clear that in these types of administrative cases, the regulator is catching what the broker missed, even if it's one miss out of a hundred, a fine can still be imposed.
The key for brokers is to try to ensure that all communications are balanced with respect to potential profits and potential losses, since referencing both isn't always enough as over-emphasis might be indirectly given to potential profits, whereas risks could be under-emphasized. This applies to discussing related benefits of trading FX and offered investment/trading services as part of promotional material and other such content whether electronically published or printed materials, and even the latest such rules applying to audio-recorded voice conversations (between dealers, clients, salepersons, etc..) that must be maintained by certain brokerages in certain parts of the world in wake of recent compliance related developments.
This often subtle shift in balance can be intentionally or unintentionally caused by writers, graphic designers and 3rd party media agencies as from time to time the scope of compliance obligations may or may not be under their respective awareness or area of responsibility - even if the ultimate responsibility falls upon the brokerage. Therefore, any comprehensive compliance strategy with regards to promotional related communications should include all steps of the content creation from start to final delivery.
As the new year approaches, Forex Magnates' readers can stay tuned to our upcoming Industry Reports (and Quarterly Industry Report-QIR4 - for the fourth quarter of 2013) which are underway by our research team and editorial staff, as key insights from 2013, including the latest quarter that is about to close - will be instrumental in planning for a successful 2014 and beyond.
After what had been a busy 2012 for the Cypriot Government and the economy of Cyprus, and its recovery phase during the post 2013 bail-in, the regulator overseeing domestic financial services companies within its territory, CySEC, has stepped up its administrative processes and overall operational efficiency as its seeks to compete and harmonize its efforts with that of modernized regulatory agencies in order to maintain its country's status as an attractive financial center.
Fine Related to Banner Ad Unbalanced and Missing Risk Disclosure
Following a review of the company’s websites iforex.gr on May 24th and May 28th by CySEC, a decision was arrived at by its council on November 11, 2013, and a fine of 5,000 Euros was imposed on iForex in connection with a lack of certain risk disclosures on specific online banner advertising, and unbalanced communications, which have since been rectified as the firm aims to better comply with its regulatory obligations as a CIF. The compliance issues were related to meeting the conditions of paragraph 6 (2) of Directive DI144 - 2007- 02, as per the CySEC press release.
iForex Cyprus Driving the Company's European Growth
Forex Magnates spoke with persons familiar with the matter and close to the company who confirmed that steps have already been taken to fix the issues that were out of compliance - as mentioned in the CySEC announcement -and how the items were minor (also as can be seen in the size of the fine) in the scope of the firm's overall compliance obligations and established regimen.
According to Forex Magnates' sources, iForex has experienced significant growth with the Cyprus office driving its success in Europe, and as part of its parent company group structure.
For a regulator that can impose fines of up to to 350,000 Euros, clearly the administrative fine given in today’s announcement could be more comparable to an expensive parking ticket rather than to comparable fines which were given over the last year to certain financial services conglomerates (some totaling in the billions).
As the regulator becomes more efficient in its oversight and supervisory and surveillance monitoring, such fines may be more commonplace as CySEC reviews online content that its member firms are responsible for.
Administrative Compliance Comparisons and Role of Regulators
In the US, where the NFA has required certain firms to submit such content to NFA's "art" department for review and/or in advance of publication, most NFA member firms under the obligation to keep related messages balanced in their "communications with the public" already know the potential monetary penalties and administrative fines that can be imposed in relation to these - if such communications fall out of applicable guidelines.
This is indeed one way to help ensure firms stay balanced in the scope of meeting their regulatory obligations. Often times, during an audit or review a firm may be given time to fix an issue if it's a one-time event and limited in scope, whereas a firm with repeated violations could receive greater reprimand and less mercy from the regulator especially if the severity of the issue is of grave importance.
Brokerage Retail Advertising Under Regulator's Eye
Each case is unique to a certain degree, but it's clear that in these types of administrative cases, the regulator is catching what the broker missed, even if it's one miss out of a hundred, a fine can still be imposed.
The key for brokers is to try to ensure that all communications are balanced with respect to potential profits and potential losses, since referencing both isn't always enough as over-emphasis might be indirectly given to potential profits, whereas risks could be under-emphasized. This applies to discussing related benefits of trading FX and offered investment/trading services as part of promotional material and other such content whether electronically published or printed materials, and even the latest such rules applying to audio-recorded voice conversations (between dealers, clients, salepersons, etc..) that must be maintained by certain brokerages in certain parts of the world in wake of recent compliance related developments.
This often subtle shift in balance can be intentionally or unintentionally caused by writers, graphic designers and 3rd party media agencies as from time to time the scope of compliance obligations may or may not be under their respective awareness or area of responsibility - even if the ultimate responsibility falls upon the brokerage. Therefore, any comprehensive compliance strategy with regards to promotional related communications should include all steps of the content creation from start to final delivery.
As the new year approaches, Forex Magnates' readers can stay tuned to our upcoming Industry Reports (and Quarterly Industry Report-QIR4 - for the fourth quarter of 2013) which are underway by our research team and editorial staff, as key insights from 2013, including the latest quarter that is about to close - will be instrumental in planning for a successful 2014 and beyond.
Retail Trading & Prop Firms in 2025: Five Defining Trends - And One Prediction for 2026
Featured Videos
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
