Cyprus Securities and Exchange Commission (CySEC) has reached a €150,000 settlement with NAGA Markets Europe。

Meeting of regulatory decisions to be held in March 2023。However, the decision was announced today。

This provision authorizes the Cyprus Securities and Exchange Commission (CySEC) to settle any breach or possible breach of conduct, act or omission where there are reasonable grounds to believe that such breach contravenes the provisions of the Cyprus Securities and Exchange Commission (CySEC) regulatory law.。

The settlement relates to possible violations of the Investment Services and Activities and Regulated Markets Act 2017.。

In particular, the investigation into the settlement involved assessing the company's compliance between January 2021 and April 2022, following a desk review and other relevant information:

Article 22, paragraph 1, of the Act on conditions for authorization, in particular Article 5, paragraph 5 (b), and Article 17, paragraph 2, of the Act on CIF authorization requirements and organizational requirements that CIF must comply with。

◇ Article 25 (1), (2) (a) (iii), (2) (b) and (3) (a) of the Act deals with general principles and customer information。

◇ Article 26 (2) (a) of the Act, on assessing suitability and appropriateness and reporting to customers。

Article 28 (7) of the Act, on the obligation to execute orders on the most favourable terms for the customer。

Article 42 of Regulation (EC) No. 600 / 2014 on product intervention by competent authorities。

The settlement with the company amounts to €150,000 and the company has paid。

The amount payable under the settlement agreement is calculated as Republic revenue (revenue) and does not constitute revenue for CySEC。

NAGA Group was recently sold to Capex.Com。