The Cyprus Securities and Exchange Commission (CySEC) has finalized a €50,000 settlement with CIF Charlgate Ltd, the operator of Fxview, over potential breaches of the Investment Services and Activities and Regulated Markets Law of 2017. The settlement marks the conclusion of a comprehensive investigation spanning from 2020 to 2023, including specific compliance reviews in July and September 2023.
Compliance Under Scrutiny
Charlgate acquired the domain fxview.com in 2020, adding it to its portfolio to provide retail trading services. At the time, the company noted that fxview.com had been active for three decades, emphasizing the domain’s established presence in the trading sector.
CySEC’s investigation primarily focused on Charlgate’s adherence to several regulatory obligations. These included authorization requirements and client fund protection measures. Notably, compliance during September 2023 was closely reviewed, as well as the company’s execution of orders to ensure favorable terms for its clients during July 2023.
Settlement Details
Charlgate has agreed to pay the €50,000 settlement, which has already been remitted. As per CySEC’s policy, settlement funds are directed to the Treasury of the Republic of Cyprus and do not contribute to CySEC’s income.
When approached for comment regarding the settlement, Charlgate, through Fxview, did not provide a response at the time of writing.
CySEC Unveils New Website
In related news, CySEC has launched a revamped website aimed at enhancing the experience for investors, regulated firms, and the public. The platform now features an updated design optimized for smart devices and offers improved accessibility and transparency.
Among the standout features is an advanced search tool, allowing users to efficiently locate information on both current and past regulated firms. The new site also includes a centralized hub for regulated entities, enabling streamlined access to important registries and direct submission of information to CySEC.
Related: Scammers Posing as CySEC Officials Reappear, Regulator Issues Fresh Warning
