A settlement has been reached with the CIF Magnum FX (Cyprus) Ltd (“the Company”) for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 (“the Law”)and the Directive DI144-2014-14 of the Cyprus Securities and Exchange Commission for the prudential supervision of investment firms (“the Directive”). More specifically, the investigation for which the settlement was reached, following information collected from an onsite inspection in the Company in January 2020 and onwards, concerning, the period between January 2019 until July 2020,
with regard to the Company’s compliance with:
- Article 5(1) of the Law regarding the requirement for CIF authorization.
- Article 22 (1) of the Law, since it does not seem to comply at all times with the conditions set out
in Chapter I for the granting of an operating license and specifically with articles 17(2) and 17(9)
of the Law. - Article 24 of the Law regarding conflicts of interest.
- Articles 25(1) and 25(3) of the Law regarding the general principles and information addressed to clients.
- Paragraph 21(g) of the Directive regarding the Variable elements of remuneration.
The settlement reached with the Company, for the possible violations, is for the amount of one
€150.000.
The Company has already paid.
