The Cyprus Securities and Exchange Commission (CySEC) has announced this Thursday that it has reached a settlement with Colmex Pro Ltd, a Cyprus investment firm, of €50,000.
According to the statement from the financial regulator: “A settlement has been reached with the Cyprus Investment Firm ColmexPro Ltd (the “Company”) for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007…”
Specifically, the settlement was reached after the regulator assessed the Company’s compliance with business obligations when providing investment and ancillary services to clients, and the conditions of its CySEC licence, the statement released today said.
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The settlement reached today is not in connection with a previous fine that was imposed on the Cypriot company back in December of 2016. As Finance Magnates reported at the time, CySEC imposed an administrative fine of €100,000 on the company.
This previous decision on the fine was made over noncompliance issues with the local Investment Services and Activities and Regulated Markets Law.
According to the company website, Colmex Pro offers private and institutional investors the opportunity to trade foreign exchange (forex), contracts for differences (CFDs) and equities through a number of trading platforms, such as MetaTrader 4 and web trader.
The company was established in 2010 and is headquartered in Limassol, Cyprus. The company offers its products across Europe through its CySEC licence.