The Cyprus Securities and Exchange Commission (CySEC) has announced a €100,000 settlement agreement with Cyprus Investment Firm (CIF) Notesco Financial Services Ltd. (formerly IronFX Limited).

Pursuant to Section 37(4) of the Cyprus Securities and Exchange Commission Law 2009, CySEC may enter into a settlement agreement in respect of any act or omission which is, or may be, in breach of, and which there are reasonable grounds for believing to be in breach of, any provision of the law falling within the scope of CySEC's supervision.

CySEC has entered into a settlement with Notesco Financial Services in relation to a possible breach of Regulation (EU) Νο. 600/2014 on markets in financial instruments.

More specifically, the inspection for which the settlement was reached concerns the assessment of the company's compliance with Article 42 of the Regulation during 2023, as set out in paragraph 5 of CySEC's DI87-09 Directive, restricting the marketing, distribution and sale of Contracts for Difference (CFDs) to retail customers, for which the company has paid €100,000.

It is to be noted that all the amounts payable in connection with the settlement agreement are deemed to be proceeds of the Treasury of the Republic and do not constitute proceeds of CySEC.