CySEC reaches €200,000 settlement with ITRADER operator Hoch Capital

Maria Nikolova

The settlement concerns possible violations of the Cypriot investment services law.

The Cyprus Securities and Exchange Commission (CySEC) announces that it has reached settlement with Cyprus Investment Firm Hoch Capital Ltd. The latter is known as the operator of CFD brands such as ITRADER. 

The settlement concerns possible violations of The Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017. In particular, the investigation for which the settlement was reached, involved assessing Hoch Capital’s compliance with:

  • Section 5(1) of the Law, relating to the general principles for the performance of investment activities.
  • Section 25, paragraphs (1) and (3), of the Law relating to the general principles and information to clients.

Let’s note that, under section 25, paragraph (3), CIFs must ensure that:

(a) all information, including marketing communications, addressed to clients or potential clients are fair, clear and not misleading, and

(b) marketing communications are clearly identifiable as such.

The settlement reached with Hoch Capital, for the possible violations, is for the amount of €200,000. The company is said to have paid the amount.

CySEC notes that all amounts payable from settlement agreements are considered revenue of the Treasury of the Republic and do not constitute income of CySEC.

Read this next

Institutional FX

LME CEO quits to join crypto custody firm Komainu

The London Metal Exchange (LME), which is wholly owned by Hong Kong Exchanges and Clearing  (HKEx), today announced the departure of its current CEO Matt Chamberlain, who also retires from all his positions within the HKEX Group including his role at the management committee.

Digital Assets

SEC denies First Trust Advisors-SkyBridge application for Bitcoin ETF

The US Securities and Exchange Commission (SEC) has again rejected another bid to list a spot bitcoin exchange-traded fund (ETF), which is widely seen as a proxy into crypto for millions of retail investors.

Technology

Crypto fund Modus.Trade taps Gold-i to manage its technology infrastructure

Modus.Trade, which operates an investor network, online learning platform, and suite of algorithmic trading strategies, has selected FinTech company Gold-i to manage its entire technology infrastructure.

Industry News

Ripple’s “biggest victory” triggers XRP Holders’ request for unprivileged SEC meetings

“The biggest victory for Ripple and XRPHolders, from Judge Netburn’s recent decision, isn’t necessarily the email with the Draft version of the Hinman speech.”

Retail FX

Fintech Alpaca poaches Pepperstone Cyprus head Victor Zachariades

Victor Zachariades, who joined Pepperstone in 2019 to head up its Cyprus operations, has left the FX firm to join Alpaca, a stock brokerage that allows developers to build apps, services, and trading platforms.

Industry News

Public.com acquires HyperCharts to improve broker’s data visualization

“One chart is worth 1,000 numbers. We built HyperCharts to make financial analysis easy, fun, and approachable for the masses by turning complex SEC filings into simple, interactive charts.”

Institutional FX

FX HedgePool launches mid-month roll cycle for better pools of peer liquidity

“By introducing this new cycle, we’re offering the buy-side greater choice with respect to accessing safe and transparent pools of peer liquidity.”

Digital Assets

Robinhood launches Beta version of crypto wallet

Wallets will allow Robinhood users to send and receive their crypto from Robinhood to external crypto wallets, fully connecting Robinhood crypto holders to the greater blockchain ecosystem for the very first time – a major milestone for the broker’s venture into crypto.

Industry News

JKO Play drops out of running to acquire Playtech

A consortium called JKO Play, led by former Formula 1 boss Eddie Jordan and gambling industry veteran Keith O’Loughlin, has pulled out of the race to acquire Playtech.

<