CySec fines CommexFX Ltd 

CySEC

The Cyprus Securities and Exchange Commission (‘CySEC’) has imposed an administrative fine of €50.000 on the Cypriot Investment Firm (CIF) CommexFX Ltd for violation of the section 139(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), as it submitted to CySEC documents during the years 2012, 2013 and 2015 which are false or/and provide false information in relation to the Company’s bank accounts balances.

In reaching its decision, the CySEC has taken into consideration the following:

– The importance attributed by the legislator to violations of this kind, which is reflected by the maximum administrative sanction provided for violations of section 6(8) of the Law, in section 141 of the Law, i.e. €350.000.
– The importance attributed to the need to ensure that the persons subject to the supervision of the CySEC comply fully with the provisions of the Law and the relevant Directives.
– The seriousness attributed to the fact that the details submitted to CySEC must be correct and not false for ensuring the compliance of the persons subject to the supervision of the CySEC with their obligations pursuant to the law.

Source: CySec – Decision 02-01-2016 impostition of an administrative fine to CommexFX Ltd

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