CySec announced revocation of decision regarding IQ Option Europe
Following the announcement dated September 30 regarding the decision of the Cyprus Securities and Exchange Commission (CySec) dated September 05 to impose an administrative penalty to the CIF IQ Option Europe Ltd for noncompliance with the following legislation:
1. the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to time (‘the Law’),
2. the Directive DI 144-2007-01 of 2012 of the Securities and Exchange Commission for the Authorisation and Operating Conditions of CIFs (‘Directive 1’),
3. the Directive DI 144-2007-02 of 2012 of the Securities and Exchange Commission for the professional competence of Investment Firms and the natural persons employed by them (‘Directive 2’).
CySec would like to inform that:
at its meeting held on 19 December 2016 the commission, following a request of IQ Option Europe Ltd, has re-examined its decision and decided to revoke its decision for non-compliance with section 38 of the Law and for the imposition of an administrative fine of €20,000.
Therefore, €20,000 of the €180,000 fine is now not payable.
CySec decided that the €20,000 is now not payable taking into consideration that the company submitted information showing that the company comply with section 38 of the Law.
Source: CySec – Decision 01-13-2017 (only in Greek)
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