The Cyprus Securities and Exchange Commission announced on Wednesday it has reached a settlement with ICC Intercertus Capital Limited, operator of retail forex and CFDs brand Axiance and multi-asset liquidity provider Inflyx for “possible violation” of the law.
As part of the settlement, the Cyprus investment firms (CIFs) paid €100,000. CySEC detailed that its decision was taken on 18 July 2022.
According to the official press release, the firm has settled for possible violations of the European Union’s regulation on markets in financial instruments for the period between January 2020 and May 2021.
Specifically, the settlement concerns compliance with firm’s marketing, distribution and sales of CFDs to retail clients.
Α settlement has been reached with the CIF ICC Intercertus Capital Limited for possible violation, for the period January 2020 until May 2021 of Article 42 of Regulation (EU) No 600/2014 on markets in financial instruments («the Regulation»), as to complying with paragraph 5 of the Directive for the Restriction on the Marketing, Distribution, and Sale of Contracts for Difference (CFDs) to Retail Clients (DI87-09), regarding the prohibition of participation in circumvention activities.
Earlier this month, the Cypriot regulator announced a settlement with retail brokerage operators F1 Markets Ltd and Magnum FX (Cyprus) Ltd for €150,000.