CySEC reaches €150k settlement with NAGA Markets Europe

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

The meeting where the regulatory decision was made took place in March 2023. However, the decision was announced today.

The settlement is in accordance with article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, which goves CySEC the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.

The settlement concerns possible violations of Τhe Investment Services and Activities and Regulated Markets Law of 2017.

In particular, the investigation for which the settlement was reached, involved assessing the the company’s compliance, for the period of January 2021 to April 2022, following a desk based review and other information, with regard tο:

  • Article 22(1) of the Law, as to the authorisation conditions and, specifically, as to the conditions laid down in article 5, section 5(b), and article 17(2) of the same law, regarding the requirement for CIF authorization and the organisational requirements with which a CIF is required to comply.
  • Article 25, sections(1),(2)(a)(iii),(2)(b), and (3)(a), of the Law regarding the general principles and information addressed to clients.
  • Article 26, section (2)(a) of the Law, regarding the assessment of suitability and appropriateness and reporting to clients.
  • Article 28, section (7) of the Law, regarding the obligation to execute orders on terms most favorable to the client.
  • Article 42 of Regulation (EU) 600/2014 regarding the Product Intervention by competent authorities.

The settlement reached with the company is for the amount of €150,000, which the company has already paid.

The amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and do not constitute income of CySEC.

NAGA Group was recently sold to Capex.com.