CySEC reaches €100,000 settlement with Axiance operator ICC Intercertus Capital
The Cyprus Securities and Exchange Commission (CySEC) today announced a €100,000 settlement with Cyprus investment firm ICC Intercertus Capital Limited.
ICC Intercertus Capital operates via brands such as Axiance and Inflyx.
The settlement concerns the 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.
The settlement reached with the Company, for the possible violation, is for the amount to €100,000. The company has paid the amount of €100,000. CySEC notes that all amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.
The Cypriot regulator has recently announced several settlements with brokerages, including FXBFI Broker Financial Invest. Last week, CySEC handed out a pair of €150,000 fines to F1 Markets Ltd and Magnum FX (Cyprus) Ltd., via settlements with both companies.