CySEC reaches €30,000 settlement with Target Wealth Opportunities
The Cyprus Securities and Exchange Commission (CySEC) today announced a settlement with AIFM Target Wealth Opportunities Ltd.
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.
The settlement with Target Wealth Opportunities Ltd concerns possible violations of the Alternative Investment Fund Managers Law of 2013. More specifically, the investigation for which the settlement was reached, involved assessing the company’s compliance in March 2022, with:
- article 10(1) of the Law regarding changes in the scope of authorization,
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article 8(2)(d) of the Law as to the conditions for granting authorization concerning the suitability of the shareholders that have qualifying holding.
The settlement reached with the company is for the amount of €30,000. It is noted that all amounts payable from settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.