CySec announced an administrative penalty to an AIFM 


The Cyprus Securities and Exchange Commission (CySec) has issued a press release to inform investors that, at its meeting held on December 19, 2016, decided to impose a total administrative fine of €5.000 on the AIFM ‘Fortified Capital Ltd’ (the “Company”).

According to CySec’s announcement, the administrative penalty imposed is for the noncompliance with article 29(2) of the Alternative Investment Funds Law (the “Law”), as the Company, acting as the external manager of the AIF ‘Turquoise Variable Capital Investment Fund PLC’ (the “AIF”), did not communicate immediately to the CySec the AIF’s Depositary intention to resign from its duties.

Source: CySec – Decision 02-07-2017 regarding the imposition of administrative fine on AIMF

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