The Cyprus Securities and Exchange Commission (CySEC) today announced that it reached a settlement with Cyprus investment firm General Capital Brokers (GCB) Ltd.

The settlement, which is reached under article 37(4) of the Law of 2009, concerns possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017.

More specifically, the investigation for which the settlement was reached, involved assessing, for the period November 2020 – October 2021, the company’s compliance with:

• Article 5(1) of the Law, regarding the requirements for CIF authorization.
• Article 22(1) of the Law, since it does not seem to comply at all times with the condition set out in Chapter I for the granting of an operating license and specifically with article 17(2) of the Law.
• Article 25(1) of the Law, regarding general principles and information to clients.

The settlement reached with the company is for the amount of €120,000. The Company has paid this sum.

It is noted that all amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.

General Capital Brokers operates the following approved domains: www.gcb.com.cy and www.t1markets.com. According to CySEC’s website, the company is under examination for voluntary renunciation of the authorisation.