BrokerCreditService (BCS) Cyprus, an institutional broker and investment firm, paid €100,000 to the Cyprus Securities Regulatory Authority to settle “potential breaches” of EU market abuse laws and Cypriot market rules. The Cyprus Securities and Exchange Commission (CySEC) announced the settlement today (Wednesday), noting that the decision to fine was reached in late April.
CySEC said it questioned BCS Cyprus for compliance with EU rules on the prevention and detection of market abuse between 2019 and 2021. It also examined the company’s compliance with the license requirement set forth in Cypriot financial market laws.
BCS Cyprus, a member of the Financial Markets Association of Europe, was licensed as a Cyprus Investment Firm (CIF) in 2004. The firm provides institutional brokerage, investment banking and portfolio management services. In 2012, BCS expanded its services to include order execution in spot forex transactions.
CIF writes on its website: “(BCS Cyprus) provides electronic access through its trading system (CQG) to buy and sell derivatives on major global stock exchanges CME, Globex and CBOE.” US stocks (NASDAQ, NYSE, AMEX) are available by placing orders Voice for Traders.
Recent enforcement actions by CySEC
As the regulator of financial markets in Cyprus, the Securities and Exchange Commission (CySEC) regularly punishes companies at fault through fines and settlements. Since the beginning of the year, the regulator has also withdrawn at least five CIF licenses.
Last month, CySEC imposed an administrative fine of €50,000 on FXBFI Broker Financial Invest Ltd, operator of the now-shuttered CFDs brokerage 101investing brand. The financial penalty is the settlement of the company’s loopholes in compliance with AML/CFT requirements.
In the same month, CySEC imposed a token fine of €100 on four CIFs for failing to submit their quarterly statistical reports for the third or fourth quarter of 2022. The companies involved are TriangleView Investments Ltd, Eight Plus Capital Ltd, Ayomi Financial Services Ltd and IWG International Wealth Group Ltd.
Meanwhile, CySEC recently announced that it plans to conduct site visits and desk reviews of selected CIF firms that provide investment services to retail clients. Through visits, the regulator will assess the compliance of regulated firms with the marketing communications rules set out in the Markets in Financial Instruments Directive II (MiFID II).
MiFID II, a European piece of legislation that came into force in 2018, aims to improve the transparency of financial markets on the continent as well as strengthen investor protection.
eToro CFD fees; Employment at Exinity, Scope Markets; Read snippets of today’s news.
BrokerCreditService (BCS) Cyprus, an institutional broker and investment firm, paid €100,000 to the Cyprus Securities Regulatory Authority to settle “potential breaches” of EU market abuse laws and Cypriot market rules. The Cyprus Securities and Exchange Commission (CySEC) announced the settlement today (Wednesday), noting that the decision to fine was reached in late April.
CySEC said it questioned BCS Cyprus for compliance with EU rules on the prevention and detection of market abuse between 2019 and 2021. It also examined the company’s compliance with the license requirement set forth in Cypriot financial market laws.
BCS Cyprus, a member of the Financial Markets Association of Europe, was licensed as a Cyprus Investment Firm (CIF) in 2004. The firm provides institutional brokerage, investment banking and portfolio management services. In 2012, BCS expanded its services to include order execution in spot forex transactions.
CIF writes on its website: “(BCS Cyprus) provides electronic access through its trading system (CQG) to buy and sell derivatives on major global stock exchanges CME, Globex and CBOE.” US stocks (NASDAQ, NYSE, AMEX) are available by placing orders Voice for Traders.
Recent enforcement actions by CySEC
As the regulator of financial markets in Cyprus, the Securities and Exchange Commission (CySEC) regularly punishes companies at fault through fines and settlements. Since the beginning of the year, the regulator has also withdrawn at least five CIF licenses.
Last month, CySEC imposed an administrative fine of €50,000 on FXBFI Broker Financial Invest Ltd, operator of the now-shuttered CFDs brokerage 101investing brand. The financial penalty is the settlement of the company’s loopholes in compliance with AML/CFT requirements.
In the same month, CySEC imposed a token fine of €100 on four CIFs for failing to submit their quarterly statistical reports for the third or fourth quarter of 2022. The companies involved are TriangleView Investments Ltd, Eight Plus Capital Ltd, Ayomi Financial Services Ltd and IWG International Wealth Group Ltd.
Meanwhile, CySEC recently announced that it plans to conduct site visits and desk reviews of selected CIF firms that provide investment services to retail clients. Through visits, the regulator will assess the compliance of regulated firms with the marketing communications rules set out in the Markets in Financial Instruments Directive II (MiFID II).
MiFID II, a European piece of legislation that came into force in 2018, aims to improve the transparency of financial markets on the continent as well as strengthen investor protection.
eToro CFD fees; Employment at Exinity, Scope Markets; Read snippets of today’s news.
