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CySEC fines London Capital Group Cyprus $40K



Cyprus Securities and Exchange Commission (CySEC) has published its decision to impose an administrative fine in the amount of €40.000 to London Capital Group (Cyprus) Ltd for market abuse concerns .

The announcement revealed that the decision was made in a meeting held on 5 April 2021.

CySEC fine

CySEC stated:

The Board of the Cyprus Securities and Exchange Commission (CySEC) wishes to  inform the public that, at its meeting held on the 5th April 2021, decided to impose an administrative fine of €40.000 to CIF London Capital Group (Cyprus) Ltd (the ‘Company’) for non-compliance with article 16(2) of Regulation (EU) 596/2014 on market abuse, as further specified in Articles 2 and 3(8) of the Delegated Regulation (EU) 2016/957 supplementing Regulation (EU) 596/2014, as it does not maintain effective arrangements  and procedures to detect and report suspicious orders and transactions, which also ensure  the monitoring those.

The Cyprus regulator noted that in its decision it has taken into account that the company has not made a similar violation in the past.

Last week, CySEC warned against an imposter website set up in India, which has copied the original.

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CySEC fines London Capital Group Cyprus $40K

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