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Global Broker Regulation & Inquiry App
Cyprus Securities and Exchange Commission
Year 2001Regulated by Government
The Cyprus Securities and Exchange Commission (CySEC) was established in accordance with section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001 as a public legal entity. It is an independent public supervisory Authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus and the collective investment and asset management sector. It also supervises the firms offering administrative services which do not fall under the supervision of ICPAC and the Cyprus Bar Association.
Disclosure summary
- Disclosure matching Website matching
- Disclosure time 2022-06-30
- Penalty amount $ 276,760.00 USD
- Reason for punishment CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.
Disclosure details
CYSEC Board Decision
30 June 2022
CYSEC Board Decision
Announcement date: 30.06.2022 Board decision date: 23.05.2022
Regarding: Forex TB Ltd
Legislation: Τhe Investment Services and Activities and Regulated Markets Law,
DI 144-2014-14
Subject: Settlement €270.000
Judicial Review: N/A Judicial Review Ruling: N/A
The Cyprus Securities and Exchange Commission (“the CySEC”) would like to note the
following:
CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009,
has the power to reach a settlement for any violation or possible violation, act or omission
for which there is reasonable ground to believe that it took place in violation of the
provisions of CySEC’s supervised legislation.
A settlement has been reached with the CIF Forex TB Ltd (“the Company”) for possible
violations of the Investment Services and Activities and Regulated Markets Law of 2017 (“the
Law”) the Directive DI144-2014-14 of the Cyprus Securities and Exchange Commission for
the Prudential Supervision of Investment Services Firms (“the DI144-2014-14”). More
specifically, the investigation for which the settlement was reached, involved assessing the
Company’s compliance, for the period of April 2020 to December 2021, following its internal
auditors report of April 2020 and other information examined, with regard tο:
1. Article 5(1) of the Law regarding the requirement for CIF authorisation.
2. Article 22(1) of the Law, as to the authorisation conditions laid down in articles 17(2) και
17(5)(a) of the said Law, regarding the organisational requirements with which a CIF is
required to comply.
3. Article 24(1) of the Law regarding conflicts of interest.
4. Article 25, sections (1) and (3), of the Law regarding the general principles and
information addressed to clients.
5. Article 26, sections (1) and (3)(a), of the Law, regarding the assessment of suitability and
appropriateness and reporting to clients.
2
6. Paragraph 21(g) of the Directive DI144-2014-14 regarding the variable elements of
remuneration.
The settlement reached with the Company, for the possible violations, is for the amount of
€270.000, which the Company has already paid.
It is noted that the amounts due to settlement agreements are calculated as revenue
(income) to the Treasury of the Republic and do not constitute income of CySEC.
Annex
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