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CySEC fines €30 000 parent of Trade.com

 

The Cyprus Securities and Exchange Commission (CySEC) said it has fined €30 000 the Leadcapital Markets Ltd. According to CySEC, the sanction was imposed because the company has not acted honestly, fairly and professionally in accordance with the best interests of its clients in Romania.

 

More specifically, Leadcapital Markets Ltd. allowed the provision of services by its branch in Romania before the latter was entered in the public register kept by the supervisory authority of Romania. This occurred during the period between end July/beginning August 2016 until July 2017, and is a violation section 36(1) of the Investment Services and Activities and Regulated Markets Law of 2007.

 

In its statement CySEC notes that Leadcapital has terminated the operation of its branch in Romania and that it has not committed similar offenses in the past. Another mitigating factor is that the company has introduced changes to its management.

 

Leadcapital Markets Ltd. has had a license from CySEC since 2014. The company operates the brokerage brands Trade.com, Finexo, and Forexyard.

 

TAGS: CySEC  fine  Trade.com 
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