Cyprus Investment Firm paid €250.000 to settle possible violations 

The Cyprus Securities and Exchange Commission (CySEC), the independent public supervisory Authority responsible for the supervision of the investment services market in Cyprus, has issued an announcement to inform that has reached a settlement with a Cyprus Investment Firm for possible violations.

According the announcement, CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.

A settlement has been reached with the CIF Coverdeal Holdings Ltd («the Company») for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007, as was in force (L. 144(Ι)/2007). More specifically, the investigation for which the settlement was reached, involved assessing the Company’s compliance with, amongst others:

1. Section 6(8) of L. 144(Ι)/2007, regarding the provision of investment services that are stated in its authorisation.

2. Section 28(1) of L. 144(Ι)/2007, according to which a Cyprus Investment Firm (CIF) must, at all times, comply with the conditions under which the authorisation was granted as laid down in Part III of L. 144(Ι)/2007 and in particular, with the conditions laid down in sections 15, 12(3), 18(2)(a) and 18(2)(j).

3. Section 36, subsections (1) and (1)(a), of L. 144(Ι)/2007, relating to conduct of business obligations when providing investment and ancillary services to clients.

The settlement reached with the Company, for the possible violations, is for the amount of €250.000. The Company has paid the amount of €250.000.

It is noted that the amounts payable from settlement agreements are calculated as revenue (income) to the Treasury of the Republic and are not calculated as an income for CySEC.

Source: CySEC – Decision 08-08-2018 for reaching a settlement with Coverdeal Holdings

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