CySEC fines Reliantco Investments Ltd. for compliance failings

Reason:
Non Compliant
Content of Penalty:

 The Cyprus Securities and Exchange Commission (“CySEC”) has imposed a
financial penalty on Reliantco Investments Ltd. (“Reliantco”; the “Company”), an
investment firm that provides online retail trading products in forex and whose domain
names include www.ufx.com; www.ufxaffiliates.com; www.ufxpartners.com.

 

A sum of €95,000 has been imposed on the Company for multiple compliance failings that
breached the policies and procedures CySEC enforces to guarantee full investor
protection, including:

– €40,000 for non-compliance with Article 36(1) of the Investment Services and
Activities and Regulated Markets Law of 2007, as the Company did not act fairly,
honestly and professionally in relation to the customer support services account
managers provide to existing clients;

-€40,000 for non-compliance with Article 36(1)(a) of the Law and paragraph 6,
subparagraphs (2) and (8) of Directive DI 144-2007-02 of 2012 of the Securities
and Exchange Commission for the professional competence of Investment Firms
and the natural persons employed by them, for failure to provide accurate, clear
and non-misleading advertising materials to clients;

€15,000 for non-compliance with Article 36 (1)(d) of the Law and paragraphs 15
and 16 of Directive DI 144-2007-02 of 2012 of the Securities and Exchange
Commission for the professional competence of Investment Firms and the natural
persons employed by them, as the Company did not obtain all the necessary and
complete information to ensure customer suitability checks authorised
appropriate investment services to each individual client. 

Date: 21/12/2017
Amount: 95000.00
Link: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=3795a0ff-a515-4c34-b5a1-d9c03d7a3288

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