The Cyprus Securities and Exchange Commission (CySEC) today announced a settlement with BrokerCreditService (Cyprus) Limited.
The settlement stems from the investment firm’s possible violations of Regulation (EU) No. 596/2014 on Market Abuse (“the Regulation”) and The Investment Services and Activities and Regulated Markets Law of 2017 (“the Law”).
More specifically, the investigation for which the settlement was reached, concerns the company’s compliance, for the period of 2019 to 2021, with:
- Article 16(2) of the Regulation, regarding the prevention and detection of market abuse.
- Article 22(1) of the Law, as to the authorisation condition laid down in article 17(5)(a) of the Law, regarding the organisational requirements with which a CIF is required to comply.
The settlement reached with the company is for the amount of €100,000.
Let’s recall that, back in April 2022, CySEC announced the imposition of a EUR 10,000 fine on BrokerCreditService (Cyprus) Limited. The company was found to be non-compliat with article 16(2) of Regulation (EU) 596/2014 on market abuse, as it did not establish and maintain effective arrangements and systems for detecting suspicious transactions.
