The Board of the Cyprus Securities and Exchange Commission (CySEC) just informed that, at the meeting held on 23 January 2017, has decided to impose a total administrative fine of €63.000 to CIF PriorFX Ltd for non compliance with the following:
- The company has failed to comply at all times with the authorization and operating conditions, as laid down in sections 18(2)(a) of the Law and paragraph 14(1) of Directive DI 144-2007-01 of 2012 of the Securities and Exchange Commission for the Authorisation and Operating Conditions of CIFs and also
- Sections 36(1)(c) and 36(1)(d) of the Law and paragraphs 14(1), 15 and 16(1) of Directive DI 144-2007-02 of 2012 of the Securities and Exchange Commission for the Professional Competence of Investment Firms and the Natural Persons Employed by Them.
PriorFX focuses mainly on Germany and Eastern European markets. Its longtime CEO Viktor Virszta recently left the company, and is now with FCA regulated AFX Group.