Cyprus financial regulator CySEC has announced that a settlement has been reached with the CIF license holder EDR Financial Ltd, for possible violations of the Investment Services and Activities and Regulated
Markets Law of 2017.

EDR Financial Ltd operates the TrioMarkets CFDs brokerage brand for EU clients, at website triomarkets.eu.

More specifically, CySEC said that the investigation for which the settlement was reached involved assessing the Company’s compliance, during the years 2020-2024, with:

1. Article 22(1) of the Law, as to the obligation to comply at all times with the conditions for CIF authorisation and, specifically, as to the conditions laid down in articles 17(4), 17(5)(a) and 17(5)(b) of the Law, regarding the organizational requirements with which a CIF is required to comply.

2. Article 42 of the Regulation (EU) No 600/2014, regarding the product intervention by competent authorities particularly of paragraph 5 of the CySEC’s Directive DI87-09 for the restriction on the Marketing, Distribution or Sale of Contracts for Differences (CFDs) to Retail Clients, regarding the requirement to ensure full compliance with the provisions of paragraphs 4(1)(a) and 4(1)(d) of DI87-09.

The settlement reached with the Company, for the possible violation, is for the amount of €50,000. CySEC noted that the Company has paid the amount of €50,000.

TrioMarkets operates as a CySEC licensed entity, as noted above, with the brand also offered offshore via Triomarkets Capital Ltd, domiciled in Mauritius. TrioMarkets was founded by French-Israeli entrepreneur Raphael Ghrenassia and his brother, company CFO David Ghrenassia. Another brother, Michael Ghrenassia, serves as group CMO. The group recently launched an in-house prop trading brand, TrioFunded.