CySEC fined ICFD Ltd

Detail

The Board of the Cyprus Securities and Exchange Commission (‘CySEC’) informed the public that, at the meeting held on 13th November 2017, has decided to impose a total administrative fine of €138.000 to CIF ICFD Ltd for non-compliance with the following:

1. Section 6(8) of the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to time (‘the Law’),

2. Section 28(1) of the Law, as it failed to comply, at all times, with the authorization and operating conditions laid down in sections 18(2)(a) and 18(2)(d) of the Law, as specified in paragraphs 14 and 16 of Directive DI 144-2007-01 of 2012 of the Securities and Exchange Commission for the Authorisation and Operating Conditions of CIFs,

3. Sections 36(1), 36(1)(a), 36(1)(b) and 36(1)(d) of the Law and paragraphs 4, 6, and 16 of Directive DI 144-2007-02 of 2012 of the Securities and Exchange Commission for the Professional Competence of Investment Firms and the Natural Persons Employed by them.

Source Link

https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=3ffc6803-f4a3-4537-ac16-ab9e3f0caf0a