A settlement has been reached with the CIF Forex TB Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 the Directive DI144-2014-14 of the Cyprus Securities and Exchange Commission for
the Prudential Supervision of Investment Services Firms (“the DI144-2014-14”). More specifically, the investigation for which the settlement was reached, involved assessing the Company’s compliance, for the period of April 2020 to December 2021, following its internal auditors report of April 2020 and other information examined, with:
- regarding the requirement for CIF authorisation. [Article 5(1)]
- regarding the organisational requirements with which a CIF is required to comply. [Article 22(1), articles 17(2)]
- regarding conflicts of interest. [Article 24(1)]
- regarding the general principles and information addressed to clients. [Article 25, sections (1) and (3)]
- regarding the assessment of suitability and appropriateness and reporting to clients. [Article 26, sections (1) and (3)(a)]
The settlement reached with the Company, for the possible violations, is for the amount of €270.000.
The Company has already paid.
