The Cyprus Securities and Exchange Commission (CySEC) today confirms that it has reached a settlement with Cyprus investment firm (CIF) Maxigrid Limited.

Let’s note that 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 Maxigrid for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017. The settlement follows an investigation which involved assessing, for the period January 2019 until August 2020, the company’s compliance with:

• Article 25(1) of the Law, regarding general principles and information to clients.

• Article 5(5)(b) of the Law, regarding the requirement for CIF authorization.

The settlement reached with the company for the possible violations is for the amount to €75,000. Maxigrid has paid the due amount, CySEC explains.

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.

Maxigrid Limited has had a CIF license (Number: 145/11) since May 31, 2011. It operates the following domains: www.agmmarkets.com ; www.dualix.com ; www.maxigrid.com.

The website of AGM Markets is no longer active but the Dualix website is up and running

Let’s recall that, in June 2020, the UK Financial Conduct Authority (FCA) banned Maxigrid Limited. The FCA noted that its action came after the CFD provider had decided to cease to provide any investment services in the UK.