The Cyprus Securities and Exchange Commission (CySEC) Board hereby informs the public that it has decided to impose an administrative fine of a total of 360,000 euros on the Cyprus Investment Firm (CIF) MCA Intelifunds Ltd.

MCA Intelifunds Ltd operates under the name FXORO. The fine stems from the company's violations of the "Investment Services and Activities and Regulated Markets Law" effective in 2017. These violations were discovered during an inspection of the company in September 2022.

The total fine includes:

• 80,000 euros for contravening Article 22(1) of the Law, as the company failed at any time to comply with the conditions of authorization set out in Article 17(2) of the Law, as further specified in Regulation (EU) 2017/565, because the company did not establish adequate policies and procedures to ensure compliance with the obligations set out in the Law.
•  150,000 euros for contravening Article 25(1) of the Law, as the company failed to act honestly, fairly, and professionally in the best interests of its clients when providing investment services.
• 25,000 euros for contravening Article 25(2)(a)(iii) of the Law, as the company failed to take reasonable measures to ensure that financial instruments (contracts for difference) are distributed to the identified target market when selling to clients.
• 25,000 euros for contravening Article 25(2)(b) of the Law, as the company provided financial instruments (contracts for difference) to clients without assessing whether the financial instruments offered or recommended were suitable for the clients for whom it provided investment services, without taking into account the identified end-client target market, and without ensuring that these financial instruments were only provided or recommended where in the best interests of the client.
• 60,000 euros for failing to obtain all necessary information from clients or potential clients relating to their knowledge and experience in the investment field concerning the specific type of product offered, thereby enabling the company to assess whether the envisaged product is appropriate for the client, thus contravening Article 26(3)(a) of the Law, as further specified in Article 56(1) of Regulation (EU) 2017/565.
• 20,000 euros for failing to provide appropriate warning to clients or potential clients that the product or service is not suitable for them based on the information received under Article 26(3)(a) of the Law, thus contravening Article 26(3)(b) of the Law.