CySEC reaches €170,000 settlement with BCM Begin Capital Markets
The Cyprus Securities and Exchange Commission (CySEC) announces that it has reached a settlement with BCM Begin Capital Markets CY Ltd.
The company, previously known as OX Capital Markets Limited, operates several websites, including www.profitlevel.com; www.capitalpanda.com; and www.begincapitalmarkets.com.
CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may reach a settlement agreement regarding any violation or possible violation, act or omission for which there is reasonable ground to believe that is in breach of the provisions of legislation under the regulatory remit of CySEC.
Α settlement has been reached with Cyprus investment firm BCM Begin Capital Markets CY Ltd for 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 January 2021 until April 2022, the Company’s compliance with:
- Article 25, paragraph (1) and (3), of the Law, regarding general principles and information to clients.
Article 5(1) of the Law, regarding the requirement for CIF authorisation.
The settlement reached with the company is for the amount of €170,000. The company has paid the full amount.
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.