CySEC decided to reach a settlement with a Cyprus Investment Firm
The Cyprus Securities and Exchange Commission (CySEC) has today issued an announcement to inform about its decision for reaching a settlement with a Cyprus Investment Firm (CIF).
With this announcement, CySEC would like to note the following:
CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may reach a settlement agreement regarding any violation or possible violation, act or omission for which there is reasonable ground to believe that is in breach of the provisions of legislation under the regulatory remit of CySEC.
CySEC reached a settlement agreement with the CIF Rodeler Ltd («the Company») – Under examination for voluntary renunciation of the authorisation, for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017 («the Law»). More specifically, the investigation for which the settlement was reached, involved assessing, for the period January 2018 until December 2019, the Company’s compliance with:
- Article 5(1) of the Law, regarding the requirement for CIF authorisation.
- Articles 25(1) and 25(3) of the Law, regarding general principles and information to clients.
- Article 22(1) of the Law as to the authorisation condition laid down in article 17(6) of the Law, regarding the organisational requirements with which a CIF is required to comply.
The settlement reached with the Company, regarding the possible violations of its regulatory obligations, amounts to €280.000. The Company has paid the amount of €280.000.
All amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of the CySEC.