CySEC Announces €100,000 Settlement With Alvexo Parent VPR

The Cyprus Securities and Exchange Commission(CySEC) announced Tuesday that it has reached a settlement agreement with VPR Safe Financial Group Ltd, holding a Cyprus Investment Firm (CIF) license. 

As part of the settlement, the company has paid €100,000 to CySEC for possible regulatory violations.

According to the Cypriot watchdog, the broker has possibly violated the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017 and the Regulation (EU) 600/2014 on markets in financial instruments.

Specifically, the investigation conducted by the financial regulator between April 2016 to July 2017 involved assessing VPR's compliance with:

1. Article 42 of the Regulation 600/2014 regarding the product intervention powers of the competent and specifically paragraph 5 of the CySEC’s Directive DI87-09 for the restriction on the marketing, distribution, and sale of contracts for difference (CFDs) to retail clients. 

2. Article 25, paragraph (1) and (3)(α), of the Law, regarding general principles and information to clients.

VPR is the owner and operator of Alvexo, an established broker offering a range of tradable assets, multiple accounts, and varied educational resources.