The Cyprus Securities and Exchange Commission (CySEC) has revealed it has imposed an administrative fine of €10.000 to CIF Capital Com SV Investments Ltd.
The Cypriot regulator has imposed the penalty for on-compliance with regulations on market abuse. The company informed CySEC with delay of two suspicious transactions and orders reports that could be a sign of insider trading.
The official statement said:
The Board of the Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform the public that, at its meeting held on the 14th March 2022, decided to impose an administrative fine of €10.000 to CIF Capital Com SV Investments Ltd (the ‘Company’) for non-compliance with article 16(2) of Regulation (EU) 596/2014 on market abuse, after informing CySEC with undue delay, through two suspicious transactions and orders reports, for its reasonable suspicions that certain transactions could constitute insider dealing.
CySEC also pointed out that, in its decision, it took into consideration that the Capital.com did submit the information, even if it was late. Furthermore, the company has had no similar violations in the past.
We have today received notification of a fine from the Cyprus Securities and Exchange Commission (CySec). The fine relates to the delayed regulatory reporting of a market abuse case involving two clients on our platform. The finding is from over a year ago.
We are currently engaging with CySec to review the notification. Capital.com is deeply committed to ensuring a strong culture of regulatory compliance. We always aim to report all regulatory incidents as soon as they occur.
This is the first time Capital.com has received a notification of a fine from CySec. To ensure that all future incidents are reported in a timely fashion, we have made additional improvements to our processes.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.