CySEC fined LQD Markets Ltd €50.000
The Cyprus Securities and Exchange Commission (CySEC) has issued an announcement to inform that on its Board meeting held on July 2, 2018, decided to impose an administrative fine to LQD Markets Ltd.
In accordance CySEC’s announcement, CySEC decided to impose an administrative fine of €50.000 to LQD Markets Ltd for non-compliance with section 44(1) of The Investment Services and Activities and Regulated Markets Law of 2007, as was in force, in relations to the maintenance of its records.
The Section 44(1) of The Investment Services and Activities and Regulated Markets Law of 2007, refers to the obligation that a CIF must maintain the records of:
(a) The relevant details relating to all transactions in financial instruments carried out by the CIF, whether on own account or on behalf of clients;
(b) the respective rights and obligations of the CIF and its clients as set out in an agreement to provide services or the terms on which the CIF provides services to the clients.
for a period of at least five years, and these shall be available for review by CySEC, at any given time.
LQD Markets Ltd, which provided investment services via the domain www.lqdmarkets.com, renounced its authorization pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007 back on July 2014. However, LQD Markets Ltd had remained under the supervision of the CySEC until the settlement of its obligations arising from the investment services or/and activities that lapsed.
Source: CySEC – Decision 09-04-2018 for the imposition of an administrative fine