The Board of the Cyprus Securities and Exchange Commission (CySEC) has imposed an administrative fine of €100,000 on the CIF BDSwiss Holding.
In terms of number of firms, Cyprus is the primary location for firms providing cross-border investment services in the EU/EEA.
CySEC is planning to conduct on-site visits and/or desk based reviews on a sample of Cyprus investment firms (CIFs).
CySEC rejected six applications for Cyprus Investment Firms (CIFs) licenses and a further 15 applications were withdrawn.
CIFs wishing to provide and/or perform investment and ancillary services in third countries, must notify CySEC via a letter.
CySEC has reached a settlement with the Cyprus investment firm General Capital Brokers (GCB) Ltd.
Cyprus investment firm Crowd Tech Ltd, operating the trade360.com domain, has paid €230,000 to settle with the CySEC.
CySEC has reached a €200,000 settlement with Zemblanco Investments Ltd for possible violations of the AML law.
A CIF’s recovery plan should be in place to enable it to deal with periods of financial distress and recover from financial losses.
CySEC has imposed a fine of €150,000 on FXBFI Broker Financial Invest via a settlement with the investment firm.