Financial Invest, an FXBFI Broker, Has Reached a €150,000 Settlement With CySEC.

The Cyprus Securities and Exchange Commission (CySEC) announced today a settlement of €150,000 with FXBFI Broker Financial Invest. The company is accessible via two authorized domains: www.fxbfi.com and www.101investing.com.

Under Article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, CySEC has the authority to settle for any violation or probable violation, conduct, or omission for which there is reasonable cause to think that it occurred in contravention of CySEC's monitored laws.

A settlement has been reached with FXBFI Broker Financial Invest Ltd for potential violations of the Investment Services and Activities and Regulated Markets Law of 2017 and the Cyprus Securities and Exchange Commission's Directive DI144-2014-14 for the Prudential Supervision of Investment Services Firms.

More particularly, the investigation for which the settlement was reached is connected to the findings about the company's compliance with the following requirements from February to August 2020:

• Regarding Article 5(1) of the Law regarding the requirement for CIF authorization.

• Article 24 of the Law regarding Conflicts of Interest

• Article 25, sections (1) and (3), of the Law regarding the general principles and information addressed to clients.

• Article 26(3)(a) of the Law regarding the assessment of suitability and appropriateness and reporting to clients.

• Regarding the variable elements of remuneration, paragraph 21(g) of Directive DI144-2014-14 applies.

The settlement negotiated with the Cyprus investment business for potential infractions is for €150,000, which the brokerage has already paid. It should be emphasized that the payments payable to settlement agreements are counted as revenue (income) to the Republic's Treasury and do not represent CySEC income.

CySEC fined F1 Markets Ltd. and Magnum FX (Cyprus) Ltd. a total of €150,000 in settlements with both entities last week.

Let us recall that the UK Financial Conduct Authority (FCA) imposed requirements on FXBFI in May 2021 that prevents it from conducting regulated activities in relation to, and marketing its products to, UK consumers, as well as ensuring that the effect of these measures is brought to the attention of its current and potential future UK clients.

FXBFI Information

FXBFI Broker Financial Invest Ltd. is a licensed forex and CFD broker situated in Cyprus that uses the MetaTrader4 platform. If you are thinking about creating an account with them, you may find this review informative.

• Account Type: Standard Account

• Min. Deposit: $20

• Max. Leverage: 1:200

• Spreads: 2 pips, fixed*

FXBFI Regulation

The Cyprus Securities and Exchange Commission granted FXBFI Broker Financial Invest its license in the fall of 2016.

After the regulatory systems in the United States and Japan grew too strict, Cyprus, along with the United Kingdom and Australia, has emerged as a key destination for the forex sector in recent years. CySEC's regulation is balanced, giving brokers both credibility and operational freedom.

In return for a license, CySEC, like other reputable financial regulators like the Financial Conduct Authority (FCA) in the United Kingdom and the Australian Securities and Investment Commission (ASIC), requires its brokers to follow rigorous fiscal and ethical guidelines.

Brokers with CySEC licenses were required to keep a minimum of 730 000 EUR in operating capital at all times. Furthermore, if a CySEC broker becomes bankrupt and is unable to pay out to its investors, traders may be end to reimbursement of up to 20,000 EUR of their trading capital from the Commission's Investor Compensation Fund.

Furthermore, all CySEC brokers were required to maintain their clients' monies in a segregated account, secured from creditors in the event of bankruptcy, and guaranteeing that the money was not simply spent on operating expenditures.

Furthermore, after Brexit, Cyprus is expected to become even more appealing for forex brokers, since a CySEC license grants access to financial services in all EU nations under the Markets in Financial Instruments Directive.

About CySEC

The Cyprus Securities and Exchange Commission (CySEC) was constituted as a public legal body in line with Section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001. It is an independent public supervisory authority in charge of overseeing the investment services market, transferable securities transactions in the Republic of Cyprus, and the collective investment and asset management industry. It also oversees businesses that provide administrative services but are not regulated by ICPAC or the Cyprus Bar Association.

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