Cyprus Investment Firm to pay ten thousand euro administrative fine
The Board of the Cyprus Securities and Exchange Commission (CySEC) has issued an announcement to inform the public that, at its meeting held on the 16th September 2019, decided to impose a total administrative fine of €10.000 to a Cyprus Investment Firm (CIF).
In accordance the announcement, the Cyprus Investment Firm to pay the administrative fine is Solid Financial Services Limited.
CySEC has imposed to the CIF the administrative fine for non-compliance with:
- Article 9 of Regulation 648/2012, for not ensuring that details regarding derivative contracts concluded were reported to a trade repository.
- Section 41 of the Cyprus Securities and Exchange Commission Law for providing a false statement regarding its reporting to a trade repository of details regarding derivative contracts concluded.