The Cyprus Securities and Exchange Commission (CySEC) has fined the forex broker Colmex Pro €100 000.
According to the announcement, the board decision for the fine was taken in end-November. The reasons for the administrative penalty are failure to comply with authorization and operating conditions in their part regarding the internal operation manual and the conditions for outsourcing critical or important operational functions or investment services or activities, as well as the requirement for fair and not misleading information for the clients and the procedures for assesment of clients.
Colmex Pro offers trading in forex and CFDs with a leverage of up to 1:100 for forex and 1:20 for stocks. The trading platform is MetaTrader 4 and there are four types of accounts: forex, indices, commodities and demo.
Colmex Pro also has a branch in Israel, which recently obtained a forex license from the local regulator.