The Cyprus Securities and Exchange Commission (CySEC) has imposed a €50,000 administrative fine on IC Markets (EU) Ltd for breaching several regulatory provisions. The decision was made during CySEC’s meeting on July 1, 2024. The violations pertain to the Investment Services and Activities and Regulated Markets Law of 2017 (L.87(I)/2017).
Key fines and violations include:
- €30,000 fine for failing to secure the best possible outcome for client orders, particularly considering price and trade size, violating section 28(1)(a).
- €10,000 fine for not implementing effective procedures to ensure compliance with section 28(1), in breach of section 28(4).
- €10,000 fine for insufficiently transparent cost and charge information, violating section 25(4)(b), preventing clients from understanding the cumulative impact of costs on their investment returns.
CySEC considered several factors in determining the fines, including the company’s cooperation with regulators, financial strength, and prior compliance record. CySEC acknowledged that IC Markets (EU) Ltd had taken corrective measures and had no previous violations of this nature.
This enforcement action underscores CySEC’s commitment to ensuring investor protection and regulatory compliance within Cyprus’s financial services industry.