The Cyprus Securities Exchange Commission (CySEC) today announced sanctions against four directors of retail Forex broker FxPulp, aka Pulp International Business Ltd, which had its Cyprus Investment Firm license revoked earlier this year.
The Board of the Cyprus Securities Exchange Commission has decided to take action against Mr. Said Salem, Mr. Shaher Hasanain, Mr. Savvas Sava and Mr. Marios Economou. The measures relate to violations of paragraph 9(1) of Directive DI144-2007-01 for the Authorisation and Operating Conditions of CIFs.
According to the paragraph in question:
A CIF is required to, when allocating functions internally, to ensure that senior management, and its Board of Directors, are responsible for ensuring that the CIF complies with its obligations under the Law.
In particular, senior management and its Board of Directors are required to assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with the obligations under the Law and the Directive and to take appropriate measures to address any deficiencies.
The Board of CySEC imposes an administrative fine of €150,000 on Mr. Said Salem and on Mr. Shaher Hasanain. They are also prohibited from exercising professional activity related to the financial sector for a period of five years, that is, until November 2020.
Mr. Savvas Sava and Mr. Marios Economou get official reprimand.
Currently, the website of FxPulp shows the following announcement:
To view the official announcement from CySEC, click here.