Lots of the big investment banks reach these kind of agreements where they pay a hefty fine and admit no wrongdoing, when the investigation and proceedings would be costly. If I remember correctly Goldman Sachs settled for $550m in 2010 and thus didn't have to admit wrongdoing, this appears to be what happened with UFX Markets and Cysec. However I believe a number of adverts issued and placed on major advertising networks by UFX Markets are in preach of MiFID regulation in regards to advertising standards (a violation of Article 36 (1) (a) of the Investment Services and Activities and Regulated Markets Law, and paragraph 6 of Directive DI144-2007-02) so I do feel that some action could have been easily taken by Cysec without the need to settle in such a manner.