The Cyprus Securities and Exchange Commission (CySEC) today announced a settlement has been reached with Cyprus investment firm VPR Safe Financial Group Ltd, operator of the Alvexo brand.
The settlement concerns possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 (‘the Law’) and the Regulation (EU) Νο. 600/2014.
More specifically, the investigation for which the settlement was reached, involved assessing the company’s compliance, for the period from 2015 to 2023, following reviews, with regard tο:
- Article 5(1) of the Law, regarding the requirement for CIF authorization.
- 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 article 17(2) of the same law, regarding the organizational requirements with which a CIF is required to comply.
- Article 25, sections (1), (2)(a)(iii), (3)(a) and (4)(a)(iii) of the Law, regarding the general principles and information addressed to clients.
- Article 42 of the Regulation (EU) Νο. 600/2014 regarding the product intervention by competent authorities, particularly paragraph 5 of the CySEC’s Directive DI87-09 for the Restriction on the Marketing, Distribution, and Sale of Contracts for Difference (CFDs) to Retail Clients.
The settlement reached with the company is for the amount of €50,000. The company has already paid the fine.
It is noted that the amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and do not constitute income of CySEC.
The CySEC website shows that the company is under examination for voluntary renunciation of the authorisation.
