The parent company of Trade.com, LeadCapital Markets, has been fined by the Cyprus Securities and Exchange Commission (CySEC). The firm’s penalty is related to previous violations between the end of July 2016 and July 2017.
LeadCapital Markets has been operating an office in Romania without the necessary permit for almost a year. The 30,000 euro ($36,800) fine was imposed on the company for failing to adhere to local regulatory requirements.
The CySEC states that the firm didn’t act honestly, fairly, and professionally in accordance with the best interests of its clients in Romania.
“The Company allowed the provision of services by its branch in Romania before the registration of the said branch in the public register kept by the supervisory authority of Romania, despite being aware of the relevant registration requirement,” a statement by the regulator says.
According to the Cypriot regulator, the fine is taking into account that the company has terminated the operation of its branch in Romania. LeadCapital MArketrs has not committed any similar violations in the past. The Cyprus Investment Firm has taken action and introduced changes to its management team.
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