The Cyprus Securities and Exchange Commission (CySEC) today announced a €150,000 settlement with FXBFI Broker Financial Invest. The firm operates via two approved domains: www.fxbfi.com and www.101investing.com.

CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.

A settlement has been reached with FXBFI Broker Financial Invest Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 and the Directive DI144-2014-14 of the Cyprus Securities and Exchange Commission for the Prudential Supervision of Investment Services Firms.

More specifically, the investigation for which the settlement was reached, is related to the findings concerning, the period of February to August 2020, with regard to the company’s compliance with:

• Article 5(1) of the Law regarding the requirement for CIF authorization.
• Article 24 of the Law regarding conflicts of interest.
• Article 25, sections (1) and (3), of the Law regarding the general principles and information addressed to clients.
• Article 26(3)(a) of the Law regarding the assessment of suitability and appropriateness and reporting to clients.
• Paragraph 21(g) of the Directive DI144-2014-14regarding the variable elements of remuneration.

The settlement reached with the Cyprus investment firm, for the possible violations, is for the amount of €150,000, which the brokerage has already paid. It is noted that the amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and do not constitute income of CySEC.

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.

Let’s recall that, in May 2021, the UK Financial Conduct Authority (FCA) imposed requirements on FXBFI which prevent it from conducting regulated activities in respect of, and marketing its products to, UK consumers and ensures that the effect of these measures is brought to the attention of its current and potential future UK clients.