Cyprus Investment Firm fined €170.000 

The Cyprus Securities and Exchange Commission (CySEC) has issued an announcement to inform the public that, the Board of the CySEC at its meeting held on the 2nd of April 2019, decided to impose an administrative fine to a Cyprus Investment Firm.

In accordance the CySEC’s announcement, the CIF Goldenburg Group Ltd (Company) has been fined €170.000 in total for noncompliance with provisions of The Investment Services and Activities and Regulated Markets Law of 2007, as was in force (L.144(Ι)/2007), and of Directive DI 144-2007-02 of 2012 for the Professional Competence of Investment Firms and the Natural Persons Employed by Them (Directive).

The administrative fine imposed on the Company is broken down as follows:

1. €30.000 for violation of section 28(1) of L.144(Ι)/2007 as the Company failed to comply at all times with the authorisation and operating condition laid down in section 18(2)(d) of L.144(Ι)/2007.
2. €50.000 for violation of section 28(1) of L.144(Ι)/2007 as the Company failed to comply at all times with the authorisation and operating condition laid down in section 18(2)(g) of L.144(Ι)/2007.
3. €40.000 for violation of section 36(1) of L.144(Ι)/2007.
4. €40.000 for violation of section 36(1)(a) of L.144(Ι)/2007 and of paragraph 6(2) of the Directive.
5. €5.000 for violation of section 40(2) of L.144(Ι)/2007.
6. €5.000 for violation of section 76(5) of L.144(Ι)/2007.

Full details/justification of the CySEC’s decision are/is available in the Greek text of the announcement HERE

Source: CySEC

---