CySec imposed Administrative Fine on BDSwiss Holding Ltd 

CySEC

Further to the announcement issued today regarding the imposition of Administrative Fine on CIF SpotOption Exchange Ltd, the Cyprus Securities and Exchange Commission (CySec) has today issued a second announcement to inform investors that the Commission has imposed an administrative fine of €5.000 on the Cypriot Investment Firm (CIF) BDSwiss Holding Ltd for noncompliance with the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to time (‘the Law’).

According to CySec, the administrative fine imposed on BDSwiss Holding Ltd is broken down as follows:

Α) €2.500 for non-compliance with Section 28(1) of the Law as it failed to comply at all times, and specifically during the period of 8.5.2014 -18.6.2014, with the authorization and operating conditions, as laid down in Section 18(2)(c) of the Law- continuity and regularity in the performance of investment services, by employing appropriate and proportionate systems, resources and procedures.

B) €2.500 for non-compliance with Section 36(1) of the Law as it failed, in June 2014, to act fairly, honestly and professionally, in accordance with the best interests of its clients.

Source: CySec – Decision 12-14-015 for the imposition of administrative fine to BDSwiss Holding Ltd

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