Breaking: CySec fined a Cyprus Investment Firm 

CySEC

The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform investors and public that  at the meeting held on March 13th, 2017, decided to impose an administrative fine of €20.000 to the CIF UR Trade Fix Ltd (‘the Company’) for noncompliance with section 6(8) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to time (‘the Law’), as the Company provided the investment service of portfolio management without this service being stated in its authorization.

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

  • 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 gravity 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 importance of holding a CIF authorization for providing investment services.
  • The seriousness attributed to the fact that CIFs must act within the limits of their authorization, which safeguards the interests of their clients and contributes widely to the strengthening of investor confidence in the capital markets.
  • As mitigating factors that:
    – The Company has applied for obtaining an authorization for portfolio management.
    – The Company has not committed a similar violation in the past.

www.tradeo.com and www.urtradefix.com are approved domain names of the company.

Source: CySec – CySec Decision 04-24-2017

One Response to Breaking: CySec fined a Cyprus Investment Firm

  1. M Wahaj Siddiqui

    Too bad CySEC has failed to take any action against ironfx so far despite being informed and after uncountable complaints from victims of the firm.

     

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