CySEC: €100,000 settlement with BrokerCreditService

10:50 - 14 July 2023

Financial Services

The Cyprus Securities and Exchange Commission (CySEC) announced that it has reached a €100,000 settlement with BrokerCreditService (Cyprus) Limited for possible violations of market abuse laws and organisational requirements.

More specifically, Regulation (EU) No. 596/2014 on Market Abuse and the Investment Services and Activities and Regulated Markets Law of 2017.

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; and 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 Cyprus Investment Firm (CIF) is required to comply.

“The settlement reached with the Company, for the possible violations, is for the amount of €100,000,” CySEC said, adding that the company has already paid the full amount.

“It is noted that all amounts payable from settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC,” it said. It also noted that 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.

CySEC: €100,000 settlement with BrokerCreditService

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