简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:In a noteworthy development, the Cyprus Securities and Exchange Commission (CySEC) has lifted the suspension on Alvexo's operating license, marking a significant turnaround for the broker amid regulatory challenges, and highlighting the regulatory authority's commitment to upholding compliance standards.
The Cyprus Securities and Exchange Commission (CySEC) has officially removed the suspension of Alvexo's operating license, signifying a significant turnaround for the broker following a series of fines and regulatory challenges that had initially cast a shadow over its operations.
Alvexo's parent company, VPR Safe Financial Group, found itself in a precarious situation after being flagged for non-compliance with the Investment Services and Activities and Regulated Markets Law 2007. CySEC had temporarily suspended the company's license due to concerns that it was not adhering to Cyprus' legal requirements, particularly concerning its marketing communications with clients.
The brand also faced allegations of non-compliance with authorization conditions outlined in several articles, particularly those related to the appropriateness of their products offered to specific client segments.
However, after months of dedicated corrective actions and measures undertaken by Alvexo, the Cypriot regulator is now satisfied with the company's efforts to ensure compliance. CySEC has duly noted Alvexo's commitment to rectify the violations that initially led to the suspension, resulting in the removal of the license freeze.
As per the regulator's circular, the company has fulfilled its obligations under Section 26(1) of the Law, ensuring that individuals providing investment advice or information on its behalf possess the requisite knowledge and skills to perform their duties effectively.
The decision to lift the suspension of Alvexo's CIF (Cyprus Investment Firm) license was finalized in 2021. Alvexo, operating under the regulation of CySEC, must continue to adhere to Cyprus' stringent regulations to maintain its CIF trading license, allowing the broker to provide its services across Europe, as emphasized by the regulatory body.
Alvexo had faced multiple allegations of regulatory violations, prompting concerns about the interests of its clients and the integrity of capital market operations. The investigation primarily centered around VPR's failure to comply with restrictions related to the marketing, distribution, and sale of contracts for difference (CFDs) to retail clients. Alongside the license suspension, CySEC imposed a fine of €100,000.
With nearly one million registered accounts, Alvexo maintains its presence with offices in Cyprus and France. The removal of the license suspension represents a pivotal moment for the company, allowing it to refocus on its operations in the European market, having successfully addressed the regulatory concerns that had previously hindered its activities.
After a period of relative quiet, the Cypriot regulator is once again actively scrutinizing compliance irregularities, a move that underscores their commitment to upholding regulatory standards.
CySEC has also taken stringent measures, suspending several forex brokers found promoting their high-risk products in the UK. This action followed reports of various brands, including the use of fake celebrity endorsements for their products on social media, as outlined by the UK regulatory counterpart.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
As the 2024 U.S. presidential race approaches, investors worldwide are closely watching potential outcomes and their implications for global markets. While a 269-269 Electoral College tie between Vice President Kamala Harris and former President Donald Trump remains unlikely, its occurrence would set the stage for an unprecedented period of political uncertainty, triggering a contingent election decided by Congress. Such uncertainty would ripple across forex, stock, and oil markets, where stability and predictability are prized. Here’s a look at how a tie could affect these key financial sectors.
A former finance officer in Malaysia lost RM450,000 in savings after being deceived by an investment scheme advertised on social media.
A 50-year-old Malaysian woman experienced a devastating loss exceeding RM80,000 after falling victim to an online investment scam that preyed on her aspirations for substantial returns. The victim, a former secretary at a private firm, had initially hoped to secure a profitable investment opportunity but instead found herself deceived by a fraudulent scheme.
CMC Markets partners with ASB Bank to offer NZ clients advanced trading technology, access to global markets, and enhanced investment tools on ASB's digital platforms.