de | cn | ru

Market News

ColmexPro pays €50 000 in settlement with CySEC

 

The Cyprus Securities and Exchange Commission (the “CySEC”) has announced on Thursday that it has reached a settlement with ColmexPro of EUR 50 000. According to the regulator, the forex brokerage has been providing financial services in the country without meeting all the legal requirements, and more specifically, those relating to outsourcing critical operational functions or investment services/activities.

 

The settlement was reached after the Cypriot financial watchdog assessed the Company’s compliance with applicable regulations. ColmexPro has to pay the sum mentioned above for possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (L. 144(Ι)/2007) and of the Directives issued thereof.

 

More specifically, the broker is suspected of having breached its obligation to “establish adequate policies and procedures sufficient to ensure its compliance, including its managers, employees, tied agents and other relevant persons” (18(2)(a) of L. 144(Ι)/2007). Besides, ColmexPro possibly failed to “to avoid undue additional operational risk” when relying on a third party for the performance of investment services or activities, as per 18(2)(d) of L. 144(Ι)/2007.

 

The broker has previously been fined by CySEC for not properly addressing operational risks and not properly informing clients of the risks involved in trading, as well as for misleading advertising, and other compliance and administrative issues. The total fine imposed back in December 2016 amounted to €100,000.

 

Colmex Pro is the trading name of Colmex Pro Ltd., a CySEC-regulated company, offering NDD (No Dealing Desk) trading in forex, CFDs, stocks, futures, options through both in-house platforms and the popular MT4.

 

TAGS: CySEC  settlement. ColmexPro  Cyprus  regulation 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

UK’s FCA warns of AGM Group and Sigma4Trade clone firms

Jun 13 2019 14:18:24

  The UK’s Financial Conduct Authority (FCA) has recently updated its warning list with AGM Group and Sigma4Trade – two forex brokers that falsely claim to operate under legit companies, licensed by the regulator. Read more

Ireland to ban binary options and restrict CFD trades permanently

Jun 12 2019 15:40:33

  The Central Bank of Ireland (CBI), which also serves as a financial services regulator, announced its plans to make ESMA’s product intervention measures permanent. Read more

Spanish regulator adds Olympus Markets and several other offshore brokers to its warning list

Jun 10 2019 13:21:05

  The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with the already Olympus Markets, as well as several other offshore brokers - TopTradepro, UBCFX and Profit Trade. Read more

The FCA flags GlobalArabFX and iForex24 as clone firms

Jun 06 2019 12:48:37

  UK's Financial Conduct Authority (FCA) has recently warned against two clones: GlobalArabFX and iForex24. Read more

ASIC updates warning list with MRT Markets, RIMarkets, and Golden Day Profit

Jun 03 2019 13:03:04

  The Australian Securities and Investment Commission (ASIC) has added forex brokers MRT Markets, RIMarkets, and Golden Day Profit its list of unlicensed companies illegally targeting local investors. Read more

UK’s FCA adds Key Markets and CFD Premium to its warning list

May 31 2019 07:50:24

  The Financial Conduct Authority (FCA) has recently updated its warning list with unregulated brokers Key Markets and CFD Premium on Thursday. According to the regulator, these brokers have been providing financial services or products in the UK without its authorization. Read more

CySEC proposes a tiered approach to leverage

May 30 2019 14:10:07

  The Cyprus Securities and Exchange Commission (CySEC) proposed a tiered risk-based approach to leverage as a permanent national measure for investor protection. Read more

Two US Presidential Candidates already accept crypto donations

May 27 2019 13:27:17

  As the 2020 US presidential elections are approaching, candidates are already striving for media attention. Read more

ASIC warns against unregulated broker GFC Investment

May 23 2019 11:44:53

  The Australian Securities and Investment Commission (ASIC) has blacklisted unregulated forex broker GFC Investment. The regulator advised investors not to deal with this broker, as it is not authorized to provide financial services in Australia and could be involved in a scam. Read more

UK residents lost over £27 million to forex and crypto scams last year

May 21 2019 11:46:54

  UK’s Financial Conduct Authority (FCA) reported that local investors lost over £27 million to scams involving crypto and forex investments last financial year. Read more

de | cn | ru