Cyprus financial regulator CySEC has announced that it has reached a settlement with licensed FX brokerage group Maxiflex Ltd. The settlement will see Maxiflex pay a fine of €370,000 for what it called “possible violations” by Maxiflex.
The “possible violations” by Maxiflex, reportedly occurring between January 2019 and September 2020, were regarding organisational requirements with which a CIF (i.e. a licensed CySEC entity) is required to comply, conflicts of interest, information to clients, the assessment of suitability and appropriateness and reporting to clients, and the obligation to execute orders on terms most favourable to the client.
Maxiflex Ltd operates mainly through the Retail FX broker brand EuropeFX, at website europefx.com.
Maxiflex / EuropeFX was one of three CySEC licensed brokers for which in June the UK regulator FCA announced the removal of these firms’ permission to sell contracts for difference (CFDs) to UK consumers.