MetaTrader Plugins Developer Reaches €60,000 Settlement with CySEC

<p>Maintaining
a high level of regulatory activity, the Cyprus Securities and Exchange
Commission (CySEC) has issued another decision on a regulated company. According
to the institution's latest announcement, ISPASS Technologies Limited has
reached a settlement with the Cypriot watchdog for the sum of €60,000. </p><p>CySEC Settles with ISPASS
Technologies</p><p>Although
ISPASS is a tech company that deals with, among other things, the development
of web and mobile applications as well as marketing <a href="https://www.financemagnates.com/terms/a/automation/">automation</a>, it is also
directly related to the retail investment industry. The company offers services, such as integrating the MetaTrader platform and developing plugins for
MetaTrader 5.</p><p>The
settlement comes after an investigation into the company's compliance with the
Investment Services and Activities and Regulated Markets Law of 2017,
specifically Article 5(1), which pertains to Cypriot Investment Firm (CIF)
authorization requirements.</p><p>CySEC,
under the Cyprus Securities and Exchange Commission Law of 2009, holds the
authority to settle any violations or potential violations related to its
supervised legislation. The settlement with ISPASS Technologies Limited was
reached under this framework, focusing on the company's compliance from
November 2021 to September 2022.</p><p>ISPASS
Technologies Limited has fully paid the settlement amount of €60,000. According
to CySEC, all funds received from such settlements are directed to the Treasury
of the Republic and do not constitute income for CySEC itself.</p><p>Recent Actions by CySEC</p><p>Last week, <a href="https://www.financemagnates.com/terms/c/cysec/">CySEC</a>
<a href="https://www.financemagnates.com/forex/cysec-orders-robomarkets-to-stop-giving-branded-merchandise-to-clients/" target="_blank" rel="follow">barred RoboMarkets</a>, a forex and CFDs broker, from offering non-cash incentives
like race tickets and company-branded items to its retail clients.</p><p>The
announcement was made last Wednesday, although CySEC's Board made the decision earlier in March.</p><p>Simultaneously,
CySEC has <a href="https://www.financemagnates.com/forex/facing-difficulties-cysec-investigates-cifs-struggles-with-client-funds-returns/" target="_blank" rel="follow">initiated an inquiry into Ayers Alliance</a>, formerly known as Harborx
Ltd., for possible regulatory breaches. While the regulator didn't share any specific details, it hinted at the possibility of financial penalties upon the
conclusion of the investigation. In a separate statement, the regulated firm
indicated that reimbursing all of its clients could result in operational challenges.</p><p>Earlier in
July, <a href="https://www.financemagnates.com/forex/brokers/cysec-slaps-100k-fine-on-bdswiss-for-non-compliance/" target="_blank" rel="follow">CySEC levied a €100,000 administrative fine on BDSwiss Holding Ltd</a>, a
company that operates a forex and CFDs brokerage named BDSwiss. Additionally,
<a href="https://www.financemagnates.com/institutional-forex/multibank-group-gets-cysec-license-eyes-going-public-in-2023/" target="_blank" rel="follow">MultiBank has received a licence from CySEC</a> to broaden its derivatives brokerage
offerings in Europe. The firm, which underwent a rebranding from IKON MultiBank
Group in 2016, stated that the license was granted to its Cyprus-based
subsidiary, MEX Europe.</p>

This article was written by Damian Chmiel at www.financemagnates.com.