Cypriot broker Atlantic Securities Ltd has gotten a slap on the wrist for violating market abuse regulations.

Today, the Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of an administrative fine of €3,000 on Atlantic Securities Ltd.

The penalty reflects Atlantic Securities’ non-compliance with article 16(2) of Regulation (EU) 596/2014 on market abuse. The company did not establish and maintain effective arrangements, systems and procedures for detecting suspicious orders and transactions, as those arrangements, systems and procedures do not take due account the non-exhaustive list of indicators of market manipulation contained in annex I of Regulation 596/2014 and specifically the indicator A.b) of the said annex.

According to the CySEC website, Atlantic Securities is registered as a Cypriot Investment Firm (CIF). The company has been authorized by the Cypriot regulator since 2003. The company has 12 tied agents listed on the CySEC’s website.