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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
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia 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

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