Law Firm Mikov & Attorneys reveals that EuropeFX, a brand of Maxiflex Ltd, paid the amount of €370.000 to European Financial Authorities due to possible violations, acts, or omissions of the Law.
On the 3 December 2020, EuropeFX owner – Maxiflex ltd – paid €370.000 to the Cyprus Securities and Exchange Commission (CySEC). This situation occurred following an investigation managed by the Authorities between January 2019 and September 2020.
In other words, based on the Investment Services and Activities and Regulated Markets Law of 2017, the reason for this possible violation, act, or omission to the following:
1. “[…] organizational requirements with which a CIF is required to comply”
2. “[…] conflicts of interest”
3. “[…] the general principles and information to clients”
4. “[…] the assessment of suitability and appropriateness and reporting to clients, and
5. […] the obligation to execute orders on terms most favourable to the client.”
CySEC Board Decision 3 December 2020 Maxifled ltd| Quoted from Board Decision https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=5a4777d8-81dc-4b9c-b387-19461b2de33b
CySEC Board Decision 3 December 2020 Maxifled ltd| Screenshot from Board Decision https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=5a4777d8-81dc-4b9c-b387-19461b2de33b
Maxiflex ltd is a Cyprus investment firm regulated authorized in Europe by the CySEC, under the license number 258/14 and the Company registration number 327484.
In addition, the different Approved Domains of Maxiflex ltd are EuropeFX, Europe Capital Group through the following websites: www.europefx.com www.europecapitalgroup.com www.europestocks.com
As cited in “Broker Review EuropeFX’’, written by Financial Fraud Lawyer, EuropeFX claims itself that 82.61% of their clients lose money when trading CFDs on their platform.
Nicolas Rosemond, Director of Development at Law Firm Mikov & Attorneys
The Fraud lawyers at Law Firm Mikov & Attorneys and the author of EuropeFX Review and Press release are regularly engaged in collecting and disseminating financial brokers’ information to the public through Forex Broker Review. This Press release aims at sharing experiences and warning the interested parties in good faith. It is based on Financial Public Authorities, dating from December 2020.