CySec imposed administrative fine to a Cyprus Investment Firm 

CySEC

The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform public that on 21st December 2015, the Commission decided to impose an administrative fine of €5.000 to the Cypriot Investment Firm (CIF), Grow Wealth Assets Ltd.

CySec decided to imposed the administrative fine in relation to the violations of:

1. article 3 of Implementing Regulation (EU) No 680/2014 of the European
Commission, and

2. paragraph 61(4) of the CySEC’s Directive DI144-2014-14 for for the Prudential
Supervision of Investment Firms,

because the CIF has not submitted/notified to CySec its capital adequacy and exposures statements for September 30, 2015, within time that was by November 11, 2015.

Source: CySec – Decision Summary 03-07-2015 for the imposition of an administrative fine to Grow Wealth Assets Ltd

 

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