The Cyprus
Securities and Exchange Commission (CySEC) has reached a €150,000 settlement
with the Naga Markets Europe Ltd. for various regulatory violations between
January 2021 and April 2022. The Cyprus-licensed company is part of the
publicly listed NAGA Group in Germany and operates the trading brand of the
same name.
According
to the CySEC announcement, the settlement follows a desk-based review and
investigation into NAGA’s compliance with several key articles of the
Investment Services and Activities and Regulated Markets Law.
Specifically,
CySEC found possible violations relating to NAGA’s authorization conditions, organizational
requirements, information provided to clients, suitability and appropriateness
assessments, best execution of client orders, and product intervention rules.
While
details of the specific failures were not disclosed, the fine reflects CySEC’s
stricter approach recently to monitoring standards and enforcement actions
within the Cyprus financial sector.
Risin Number of CySEC
Sanctions
Naga
Markets, which received its CIF license from CySEC in 2013, has already paid
the €150,000 settlement amount to the Cypriot Treasury. The company joins a
number of Cyprus-regulated brokers to be sanctioned financially over the past
year.
CySEC noted
that settlement agreements are based on the particular circumstances of each
case. Firms are expected to take corrective actions and strengthen internal
procedures to ensure full compliance going forward.
The Cyprus
Securities and Exchange Commission (CySEC) has reached a €150,000 settlement
with the Naga Markets Europe Ltd. for various regulatory violations between
January 2021 and April 2022. The Cyprus-licensed company is part of the
publicly listed NAGA Group in Germany and operates the trading brand of the
same name.
According
to the CySEC announcement, the settlement follows a desk-based review and
investigation into NAGA’s compliance with several key articles of the
Investment Services and Activities and Regulated Markets Law.
Specifically,
CySEC found possible violations relating to NAGA’s authorization conditions, organizational
requirements, information provided to clients, suitability and appropriateness
assessments, best execution of client orders, and product intervention rules.
While
details of the specific failures were not disclosed, the fine reflects CySEC’s
stricter approach recently to monitoring standards and enforcement actions
within the Cyprus financial sector.
Risin Number of CySEC
Sanctions
Naga
Markets, which received its CIF license from CySEC in 2013, has already paid
the €150,000 settlement amount to the Cypriot Treasury. The company joins a
number of Cyprus-regulated brokers to be sanctioned financially over the past
year.
CySEC noted
that settlement agreements are based on the particular circumstances of each
case. Firms are expected to take corrective actions and strengthen internal
procedures to ensure full compliance going forward.
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- Source: https://www.financemagnates.com//forex/naga-markets-settles-with-cysec-for-150k-over-violations/
