The Cyprus Securities and Exchange Commission (CySEC) has
announced a settlement agreement with Notesco Financial Services Ltd regarding
a possible violation of Regulation on markets in financial instruments.
According to CySEC’s announcement, the decision to settle
was made on January 29, 2024, following an inspection conducted in 2023 to
assess the Company’s compliance. The inspection was carried out by CySEC’s
Directive, which pertains to the Restriction on the Marketing, Distribution,
and Sale of Contracts for Difference (CFDs) to Retail Clients.
Under the Cyprus Securities and Exchange Commission Law of
2009, CySEC has the
authority to enter into settlement agreements for violations or possible
violations that breach the provisions of legislation within its regulatory
remit.The settlement reached with Notesco Financial Services Ltd
amounts to €100,000. The Company has already fulfilled its obligation by paying
the specified amount.
CySEC Decision for reaching a settlement with company Notesco Financial Services Ltdhttps://t.co/Y1bDGdvslf
Απόφαση ΕΚΚ για επίτευξη συμβιβασμού με την εταιρεία Notesco Financial Services Ltdhttps://t.co/iCIXPy0yl7
— CySEC (@CySEC_official) April 2, 2024
Source: CySec
The CySEC emphasized that settlements are reached when there are
reasonable grounds to believe that a violation has occurred. However, there is
no indication of any judicial review or ruling related to this particular case.
The Cyprus Securities and Exchange Commission (CySEC) has
announced a settlement agreement with Notesco Financial Services Ltd regarding
a possible violation of Regulation on markets in financial instruments.
According to CySEC’s announcement, the decision to settle
was made on January 29, 2024, following an inspection conducted in 2023 to
assess the Company’s compliance. The inspection was carried out by CySEC’s
Directive, which pertains to the Restriction on the Marketing, Distribution,
and Sale of Contracts for Difference (CFDs) to Retail Clients.
Under the Cyprus Securities and Exchange Commission Law of
2009, CySEC has the
authority to enter into settlement agreements for violations or possible
violations that breach the provisions of legislation within its regulatory
remit.The settlement reached with Notesco Financial Services Ltd
amounts to €100,000. The Company has already fulfilled its obligation by paying
the specified amount.
CySEC Decision for reaching a settlement with company Notesco Financial Services Ltdhttps://t.co/Y1bDGdvslf
Απόφαση ΕΚΚ για επίτευξη συμβιβασμού με την εταιρεία Notesco Financial Services Ltdhttps://t.co/iCIXPy0yl7
— CySEC (@CySEC_official) April 2, 2024
Source: CySec
The CySEC emphasized that settlements are reached when there are
reasonable grounds to believe that a violation has occurred. However, there is
no indication of any judicial review or ruling related to this particular case.
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- Source: https://www.financemagnates.com//forex/notesco-agrees-to-100000-settlement-with-cysec-over-compliance-issue/
