CySEC fines Banc de Binary €10,000 for concealing links between it and another company

Press Release from CySEC (Rough translation from Greek to English Courtesy of Google Translate)

The Council of the SEC to inform investors that at its meeting held on 04.07.2014, decided to impose an administrative fine of €10,000 in CIF Banc De Binary Ltd (‘ the Company’) for breach Article 139 ( 2 ) of the Investment Services and Activities and Regulated Markets Law of 2007, as applicable ( ‘ the Act ‘ ), as
concealed material information in its request for authorization CIF submitted to the Commission in August 2012, namely concealed the existence of close links between it and another company.

In determining the amount of the administrative fine, the Commission took into account the following:

  • The seriousness that the legislature in such violations , the which is reflected by the maximum administrative fine for infringements of Article 139 , Article 141 ( 1 ) of the Act, ie , € 350.000.
  • The importance attached to ensuring that the information provided to the Commission by natural or legal persons are accurate , to exercise its supervisory powers.
  • Withheld material information from the Commission, may limit and impede its ability to ensure the proper functioning of capital and to maintain public confidence in it.
  • As a mitigating factor , the assumption by the Company for failure .
  • As a mitigating factor, the fact that the Company has not committed a similar violation in the past.

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