CySec imposed administrative fine to a Cyprus Investment Firm
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The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform public that on 21st December 2015, the Commission decided to impose an administrative fine of €5.000 to the Cypriot Investment Firm (CIF), Grow Wealth Assets Ltd.
CySec decided to imposed the administrative fine in relation to the violations of:
1. article 3 of Implementing Regulation (EU) No 680/2014 of the European
Commission, and
2. paragraph 61(4) of the CySEC’s Directive DI144-2014-14 for for the Prudential
Supervision of Investment Firms,
because the CIF has not submitted/notified to CySec its capital adequacy and exposures statements for September 30, 2015, within time that was by November 11, 2015.
Source: CySec – Decision Summary 03-07-2015 for the imposition of an administrative fine to Grow Wealth Assets Ltd