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Screenshot of a breaking news alert e-mail from Q2 2017
The Cyprus Securities and Exchange Commission (CySEC) just announced that a settlement has been reached with the Cyprus Investment Firm Bdswiss Holding Ltd for which there was suspicion of possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 and of the Directives issued pursuant to the Law.
More specifically, the investigation for which the settlement is reached, involved assessing the Company’s compliance with, amongst others:
- Article 28(1) of the Law, according to which a Cyprus Investment Firm (CIF) must, at all times, comply with the conditions under which authorisation was granted as laid down in Part III of the Law and in particular, with the conditions laid down in Articles 18(2)(a) and 18(2)(d) of the Law.
- Article 36(1), (1)(a), (1)(b) and (1)(d) of the Law, relating to conduct of business obligations when providing investment and ancillary services to clients. The settlement reached with the Company for the possible violations, is for the amount of €150.000. The Company has paid the amount of €150.000.
It is noted that the amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and are not calculated as an income for CySEC.
To see CySEC’s official announcement, click here.