TechFinancials informs regarding Completion of Administrative Sanction 

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TechFinancials has issued a press release to inform that:

As stated in the Company’s AIM Admission Document dated 9 March 2015, the Company was subject to an administrative sanction procedure brought by the Consumer Protection Division of Commissione Nazionale per le Società e la Borsa (“Consob”) and there was a risk that Consob could conclude that the Company, prior to the authorisation of its subsidiary company, B.O. TradeFinancials Limited, as a regulated broker under the Cyprus Securities and Exchange Commission, provided investment services and activities in Italy in the absence of the required authorisations, and that the maximum penalty for such an offence for which the Company was severally liable was €500,000.

The Company is pleased to announce that the administrative sanction procedure is now complete and that the Company is now liable for a total amount of €10,000.

Source: TechFinancials – Completion of Administrative Sanction Procedure

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