CySEC suspends the license of EuropeFX.com, Dualix and AGM Markets

Cyprus Securities and Exchange Commission (CySEC) has published a message that its subordinate companies - Maxiflex Ltd., which owns the EuropeFX.com brand, and Maxigrid Ltd., which owns the Dualix and AGM Markets brands, have been fined with the suspension of their licenses. Details below.

EuropeFX.com - license suspended

Maxiflex Ltd. owns Forex broker brands such as EuropeFX.com, europecapitalgroup.com and europestocks.com. Problems with the regulator were to result from reasonable suspicions of breach of license provisions, including those relating to running a business and / or facilitating business activities, which were not specified in the permit. In addition, the company is likely to fail to comply with the terms of the authorization regarding the suitability of members of the management body, suitability of shareholders and organizational requirements.

At the end of last year, Maxiflex was found guilty of numerous violations and fined PLN 370. euro for breach of organizational requirements (this includes a conflict of interest with clients, information for clients, suitability and appropriateness assessment and reporting on clients, as well as the obligation to execute orders on terms that are most favorable to the client). The fine has been settled but it looks like the standards have not been properly improved.

The license has been suspended with immediate effect, which means that it cannot continue to provide services, undertake marketing activities or accept new customers until it takes the necessary steps to "rectify" the violations and comply with the license conditions. The company, provided it is in line with the wishes of its current clients, may execute all of its own trades and those of its clients who have an account there, and may carry out fund withdrawal transactions.

The official CySEC message

Dualix and AGM Markets - license free for one month

The second entity fined by CySEC is Maxigrid Ltd., owner of brands such as Dualix and AGM Markets. The license of this company has been completely suspended. The reason is significant suspicion of alleged violations by the company:

1. Section 5 (5) of the 2017 Act on Investment Services, Activities and Regulated Markets - it is suspected that the Company operates and / or is engaged in business activities and / or facilitates activities not specified in the permit.
2. Art. 22 sec. 1 of the Act - it is suspected that the Company does not always meet the conditions of authorization specified in Art. 9 sec. 2 - suitability of members of the management body and 11 par. 1 lit. b) - suitability of the shareholder.

Maxigrid has one month to take the necessary actions to meet the above-mentioned requirements. regulations. During the license suspension period, the company may not:

• Provide investment services;
• Accept new customers;
• Carry out marketing activities.

In March this year, CySEC announced that a settlement was reached with Maxigrid on possible violations of the Act on Investment Services and Activities and Regulated Markets of 2017 - L.87 (I) / 2017. The settlement concluded with the company for possible violations amounts to EUR 75. Not much later, in June 000, the British regulator FCA banned the operation of Maxigrid Limited in the UK.

The official CySEC message