CySec announced an administrative fine to CLR Overseas Ltd 

The Cyprus Securities and Exchange Commission ( CySEC ) has notified the public that at the meeting held on February 16th, 2015, decided to impose an administrative fine of €10.000 to CLR Overseas Ltd for the violation of section 4(1) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force.

More specific, CySec’s fine to CLR Overseas Ltd is in relation that without being authorised as a CIF:

a) the company, whereof December of 2007 was providing investment services consist of investment advice,

b) from November of 2007 to April 2008 the company was providing investment services consist of the Reception and Transmission of Orders to Royal Skandia Life Assurance Ltd.

According section 4(1) of the Investment Services and Activities and Regulated Markets Law of 2007:

4.-(1) Only the persons referred to in subsection (2) are allowed to provide investment services or to purport to provide investment services or/and to perform or to purport to perform investment activities, on a professional basis in the Republic.

(2) The persons that are allowed to provide or to purport to provide investment services or/and to perform or to purport to perform
investment activities, on a professional basis, in the Republic are-

(a) CIFs authorised under this Law, as well as market operators as provided for in subsection (2) of section 6;
(b) member state IFs, as provided for in subsection (1) of section 77 and subsection (1) of section 80;
(c) third country IFs, as provided for in subsection (1) of section 78;
(d) banks, as provided for in section 118;
(e) cooperative credit institutions, as provided for in section 122.

Source: CySec – Decision 02-16-2015 administrative fine to CLR Overseas Ltd

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