The Cyprus Securities and Exchange Commission (CySEC) today announced a €100,000 settlement with Cyprus investment firm (CIF) Notesco Financial Services Ltd.

Notesco is formerly known as IronFX. It operates the following websites: www.fxlift.eu and www.ironfx.eu.

CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may reach a settlement agreement regarding any violation or possible violation, act or omission for which there is reasonable ground to believe that is in breach of the provisions of legislation under the regulatory remit of CySEC.

Α settlement has been reached with the Notesco Financial Services for possible violations of the Regulation (EU) Νο. 600/2014 on markets in financial instruments.

More specifically, the inspection for which the settlement was reached, involved assessing, during 2023, the company’s compliance with article 42 of the Regulation, as specified in paragraph 5 of the CySEC’s Directive DI87-09 for the Restriction on the Marketing, Distribution, and Sale of Contracts for Difference (CFDs) to Retail Clients.

The company has already paid the amount of €100,000.

It is noted 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.