The Board of the Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of fines totalling €100,000 on Cyprus investment firm Titanedge Securities Ltd.

The fines stem from the firm’s violations of The Investment Services and Activities and Regulated Markets Law of 2017, as in force (‘the Law’), committed during the period:

• 1 January 2023 – 31 December 2024 with regards to the articles 5(1) and 22(1) of the Law,
• 24 December 2023 – 24 May 2024 with regards to the article 25(3)(a) of the Law.

CySEC imposed:

• A fine of €30,000 on the firm for the violation of section 5(1) of the Law, for its provision of investment advice as a regular occupation, without having previously obtained the relevant authorisation from the CySEC,
• A fine of €30,000 on the firm for the violation of section 22(1) of the Law, for its failure to comply at all times with the authorisation condition of Section 17(2) of the Law, as specified further in Article 22(2)(a) of Delegated Regulation (EU) 2017/565, as it did not establish adequate policies and procedures sufficient to ensure its compliance with its obligations under the Law.
• A fine of €40,000 on the firm for the violation of section 25(3)(a) of the Law, as specified in Article 44 of Delegated Regulation (EU) 2017/565, as it did not ensure that all information, including marketing communications, provided to clients or potential clients was fair, clear and not misleading.