CySec imposes administrative fine of €15.000 to a CIF
The Cyprus Securities and Exchange Commission (‘CySEC’) has notified the public that has imposed an administrative fine of €15.000 to CIF Fidelisco Capital Markets Ltd for violating sections 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:
Section 75(2): A CIF wishing to establish a branch in the Republic notifies in writing its intention to the Commission, as well as the following information with regards the branch:
(a) The address;
(b) the persons responsible for its management, as well as its organisational structure;
(c) the programme of operations setting out especially the investment and ancillary services that it intends to provide or/and the investment activities that it intends to perform.
Section 139(2): The provision of false, or misleading information or details or documents or forms, or the withholding of material information from any application or notification submitted to the Commission, or within any other process provided for in this Law and the directives issued pursuant to this Law, as well as Regulation (EC) No 1287/2006, in addition to constituting a violation subject to an administrative fine as stated in section 141, it also constitutes a criminal offence punishable pursuant to section 140, without prejudice to section 25.
Source: CySec – Decision-Summary-07-08-2015-imposition-of-fine-to-Fidelisco