The Board of the Cyprus Securities Exchange Commission (CySEC) has informed investors that has decided to impose an administrative fine of €5.000 on the ASP Teos Corporate Services Ltd for violating section 9 of the Law Regulating Companies Providing Administrative Services and Related Matters, as in force (the Law), as it has not appointed a compliance officer with the prior approval of the CySEC from September 2015 to March 22, 2016, the date of renouncing its authorisation.
In reaching its decision, the CySEC has taken into consideration the following:
- The importance attributed by the legislator to violations of this kind, which is reflected by the maximum administrative sanction provided for violations in the Law.
- The importance attributed to the need to ensure that the persons subject to the supervision of the CySEC comply fully with the provisions of the Law and the relevant Directives.
- The seriousness attributed to the fact that the Administrative Services Providers (ASPs) must appoint a compliance officer with necessary experience, skills and good repute for ensuring the smooth operation of the ASP.
- As mitigating factor, the fact that the Company has not committed any violation in the past.
- As mitigating factor, the fact that the Company on March 2016 has renounced its authorisation.
For the full announcement, click here.