ICC Intercertus Capital Pays €100K to CySEC to Settle Possible Violations

The payment is to settle the firm’s possible violations of the European Union’s regulation on markets in financial instruments passed in May 2014.

More specifically, the settlement concerns the firm's marketing, distribution and sales of CFDs to retail clients.

CySEC announced the settlement on Wednesday in a statement published on its website. The crypriot financial markets watchdog said its Board reached the settlement decision on July 18, 2022.

“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 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, regarding the prohibition of participation in circumvention activities,” CySEC explained.

The markets supervisor noted that incomes generated from settlement agreements belong to the treasury of the Cypriot government and not the regulator's.

More Settlement Cases

CySEC on Tuesday announced that FXBFI Broker Financial Investment Limited paid €150,000 to settle possible violations of the country’s local financial regulations.

The regulator noted that the settlement, among other things, is related to its findings on the investement firm’s compliance records between February and August 2020.

CySEC last week also disclosed that two brokers, F1 Markets and Magnum FX (Cyprus) settled with it by paying €150,000 each.

Like the other cases, the regulator noted that the settement was for ‘any violation or possible violation' of local financial laws.

Another broker, Triangleview Investment Limited, paid €50,000 to the regulator for the same reason, accoring to CySEC’s announcmenet in late July.