Cyprus financial regulator CySEC has announced that a settlement has been reached with the licensed CIF Charlgate Ltd for possible violations of Investment Services and Activities and Regulated Markets Law of 2017, as amended (“the Law”).
Charlgate Ltd operates the Fxview Retail FX and CFDs brokerage brand, at website fxview.com. Charlgate Ltd and Fxview are part of the Finvasia group of companies, controlled by brothers Sarvjeet Singh Virk and Tajinder Virk. Finvasia also owns Retail FX brand AAAFx, social trading platform provider ZuluTrade, and multi-asset trading platform provider ActTrader.
Regarding the the fine issued to Charlgate, CySEC said that its investigation for which the settlement was
reached involved assessing the company’s compliance with:
1. Section 5(5) of the Law regarding the requirement for authorization, for the period 2020-30.6.2023,
2. Section 22(1) of the Law as to the authorisation condition laid down in section 17(9) of the Law, as further specified in paragraph 6(1) of DI87-01 regarding the protection of clients’ funds, at least during September 2023,
3. Section 28(1)(a) and (b) of the Law, regarding the obligation to execute orders on terms most favourable to the client, for the indicative period of July 2023.
The settlement reached with the Company, for the possible violations, is for the amount of €50,000. The Company has paid the amount of €50,000.
CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, as amended has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.
