CySec imposes administrative fine of €20.000 to a CIF
The Cyprus Securities and Exchange Commission (‘CySEC’) has notified the public that has imposed an administrative fine of €20.000 to Trademarker (Cyprus) Ltd for the infringement of the Law which provides for the provision of Investment services, the exercise of Investment activities, the operation of regulated markets and other related matters.
More specifically for violations of the following articles of the above Law:
1. €10,000 For violation of Article 28 (1) a CIF must at all times comply with the conditions under which authorisation was granted as provided on Article 13 of the Law regarding CIF Shareholders and Article 18 (2) (d) ensure, when relying on a third party for the performance of investment services or activities or operational functions which are critical for the provision of continuous and
satisfactory service to clients and the performance of investment activities on a continuous and satisfactory basis, that it takes reasonable steps to avoid undue additional operational risk. Outsourcing of the above must not be undertaken in such a way as to materially impair the quality of its internal control and the ability of the Commission to monitor the CIF’s compliance with all its obligations.
2. €5,000 For violation of Article 34, a CIF shall immediately notified the Commission for any material change in the conditions for granting a CIF authorisation.
3. €5,000 For violation of Article 36 (1) Conduct of business obligations when providing services to clients.
Source: CySec
