CySEC fines CIF Goldenburg Group Ltd €170.000


CySEC fines

Cyprus regulator CySEC has just announced that it has decided to impose a total administrative fine of €170.000 to CIF Goldenburg Group Ltd.

The reason for the fine is noncompliance with provisions of The Investment Services and Activities and Regulated Markets Law of 2007, as was in force (‘the 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.

The administrative fine imposed on Goldenburg Group Ltd is broken down as follows:

  • €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.
  • €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.
  • €40.000 for violation of section 36(1) of L.144(Ι)/2007.
  • €40.000 for violation of section 36(1)(a) of L.144(Ι)/2007 and of paragraph 6(2) of the Directive.
  • €5.000 for violation of section 40(2) of L.144(Ι)/2007.
  • €5.000 for violation of section 76(5) of L.144(Ι)/2007

The official announcement can be seen here.

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CySEC fines CIF Goldenburg Group Ltd €170.000

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