CySEC Announces Settlement with Notesco Financial Services

CySEC settlement with Notesco Financial Services, emphasizing regulatory integrity and investor protection in the financial market.

Home » CySEC Announces Settlement with Notesco Financial Services

The Cyprus Securities and Exchange Commission (CySEC) has disclosed a settlement agreement with Notesco Financial Services Ltd concerning potential violations of financial market regulations. This decision follows an inspection conducted in 2023 to evaluate the company’s compliance with regulatory standards. The inspection, carried out by CySEC’s Directive on the Restriction on the Marketing, Distribution, and Sale of Contracts for Difference to Retail Clients, culminated in settling on January 29, 2024.

Empowered by the Cyprus Securities and Exchange Commission Law of 2009, CySEC possesses the authority to enter into settlements for breaches of legislation within its regulatory purview. Furthermore, the settlement with Notesco Financial Services Ltd stands at €100,000, a sum promptly fulfilled by the company.

CySEC Announces Settlement with Notesco Financial Services

CySEC emphasized pursuing settlements when there are reasonable grounds to suspect a violation, without mentioning any judicial review or ruling. Moreover, this development underscores CySEC’s unwavering commitment to maintaining regulatory integrity and safeguarding investor interests.

Earlier reports from Finance Magnates outlined CySEC’s proactive stance in 2023, highlighting stringent inspections and significant penalties for non-compliant entities. With over 700 audits conducted, both on-site and remotely, CySEC prioritized regulatory compliance and investor protection.

Furthermore, CySEC’s Market Surveillance and Investigations Department undertook 42 investigations, with an additional 48 ongoing cases by year-end. These efforts resulted in administrative fines totaling €2.2 million, including a substantial €1 million fine levied on a single investment firm, underscoring the severity of regulatory violations.

The settlement agreement with Notesco Financial Services Ltd represents another step in CySEC’s mission to uphold the integrity of financial markets and ensure fair treatment of investors. As regulatory scrutiny intensifies, CySEC plays a pivotal role in maintaining transparency and accountability within the financial services sector.

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