CySec fined Administrative Services Provider for €15.000
The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform that the Board of the Commission at its meeting held on December 05, 2016, decided to impose a total administrative fine of €15.000 on the ASP Mutual Trust Ltd (‘the Company’) for noncompliance with:
1. Section 15(5) of the Law Regulating Companies Providing Administrative Services and Related Matters of 2012 (the “Law”), as in force from time to time, as it provided administrative services while its authorization was suspended, and
2. Section 17(2) of the Law, as it outsourced administrative services to third parties outside the Republic.
Source: CySec – decision-01-09-2017-for-the-imposition-of-administrative-fine-to-mutual-trust-ltd
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