Polish-Cypriot forex broker HighSky received a million crowns fine from Czech National Bank. According to media, HighSky Brokers has violated czech Act on Capital Markets and did not act with due dilligence.
Published decision of the CNB says that HighSky did not properly fulfill its duties as a securities company. HighSky Brokers failed to assure proper internal control rules and did not protect customer funds in way it should do. CNB informs, that HighSky also broke its own Terms by canceling profitable business customer accounts.
CNB does not ensure their protection against brokers bankruptcy. So did HighSky Brokers by not fulfilling capital measures, which ensure that broker posess funds big enough to satisfy clients needs in case of bankruptcy.
HighSky Brokers has 30 days to pay one million crowns fine. CNB annouced that further steps would be taken if the penalty won’t be paid.
