CySEC imposes €10,000 fine on BrokerCreditService (Cyprus) Limited
The Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of a EUR 10,000 fine on BrokerCreditService (Cyprus) Limited.
The company has been found to be non-compliat with article 16(2) of Regulation (EU) 596/2014 on market abuse, as it did not establish and maintain effective arrangements and systems for detecting suspicious transactions, since it was not taking due account the circumstances of change in the price of the financial instruments (size of change, period of time, issuance of announcements by the issuer) in which it is trading, and which may give rise to reasonable suspicions that a transaction on the financial instrument could constitute insider dealing.
BrokerCreditService (Cyprus) Limited, an authorized Cyprus investment firm (CIF), operates via the approved domain www.bcscyprus.com. Via its website, the company claims to provide electronic access through its trading system (QUIK/CQG) for sale and purchase of equities and derivatives on MICEX (Russia), LSE and the other world major exchanges: AMEX, NASDAQ, NYSE, CME/CBOT, Eurex, Euronext, XETRA.
There is a notice on the website regarding the current geopolitical situation. The notice says:
“In light of the tense geopolitical situation and the introduction of a number of restrictions by competent authorities we remind you that is a Client responsibility to ensure that his transactions and other operations are in compliance with the applicable regulatory requirements including but not limited to sanctions imposed by any governmental or intergovernmental authority. Therefore, prior to making any transactions or other operations or where you may receive any funds or other assets you should carefully consider the relevant regulatory requirements including but not limited to sanctions and where necessary seek professional advice regarding your rights and obligations in accordance with applicable regulatory requirements”.