Cysec fined SpotOption Exchange Ltd 10,000 Euro.Fri Nov 2016 | rsito
The Board of the Cyprus Securities and Exchange Commission (the ‘CySEC’) wishes to inform investors that, at its meeting held on December 14, 2015, the CySEC decided to impose a total administrative fine of €10.000 on the CIF SpotOption Exchange Ltd (‘the Company’) for non-compliance with the following the Investment Services and Activities and Regulated Markets Law of 2007, as amended from time to time (‘the Law’).
The administrative fine imposed on the Company is broken down as follows:
Α. €5.000 for non-compliance with Section 28(1) of the Law as it failed to comply at all times, and specifically during the period of 8.5.2014 -18.6.2014, with the authorization and operating conditions, as laid down in Section 18(2)(c) of the Law- continuity and regularity in the performance of investment services, by employing appropriate and proportionate systems, resources and procedures.
B. €5.000 for non-compliance with Section 36(1) of the Law as it failed, in June 2014, to act fairly, honestly and professionally, in accordance with the best interests of its clients.
In reaching its decision, the CySEC has taken into consideration, inter alia, the following:
– The amount of the administrative sanctions provided in the relevant legislation.
– The importance attributed to the need to ensure that the persons subject to the supervision of the CySEC fully comply with the provisions of the Laws and the relevant Directives,
– The importance attributed to the need to establish and implement effective procedures and arrangements, including compliance monitoring mechanisms, to ensure the proper operations of the CIF,
– The seriousness attributed to the CIF’s obligation to act fairly, honestly and professionally in accordance with the best interests of their clients.
– The adoption of corrective measures/actions on behalf of the Company such as, inter alia, the fact that it has implemented additional control mechanisms for the prompt identification and resolving of such matters.
– The Company has not committed a similar violation in the past.