CySEC reaches €100,000 settlement with Prior Capital execs
The Cyprus Securities and Exchange Commission (CySEC) today announces that it has reached a €100,000 settlement with three executives of Prior Capital Cy Ltd, previously known as PriorFX.
CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.
A settlement has been reached with the following executive Board Members of Prior Capital – Konstantin Yasnov, Vladimir Zalogin and Ekaterina Zalogina. The settlement concerns a possible violation of Τhe Investment Services and Activities and Regulated Markets Law of 2017 («the Law»). More specifically, the settlement reached involved assessing the compliance of the Company’s Board of Directors with article 10(1) of the Law for the period July 2018 – March 2020 regarding governance arrangements.
The settlement reached with Yasnov, Zalogin and Zalogina is for the total amount of €100,000. The aforementioned persons have paid the total amount of €100,000.
CySEC notes that all amounts payable from settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of the regulator.
Let’s recall that, effective June 2020, CySEC has withdrawn the CIF license of Prior Capital Cy Ltd. The original suspension came on the heels of the regulator stating that there are suspicions of an alleged violation of rules being made by Prior Capital regarding the safeguarding of clients’ funds.