The Cyprus Securities and Exchange Commission (CySEC) has reported reaching a settlement with the management of Prior Capital Cy Ltd, formerly known as PriorFx.
Cypriot watchdog settled for €100,000 which the company has paid. CySEC reached the settlement with three executive board members, Messrs. Konstantin Yasnov, Vladimir Zalogin, and Ekaterina Zalogina.
The Cyprus financial regulator said that the settlement was in relation to possible violation of “Τhe Investment Services and Activities and Regulated Markets Law of 2017.”
CySEC further explained that as part of the settlement, the regulator assessed the Board’s compliance for the period July 2018 – March 2020, regarding governance arrangements.
CySEC said in the announcement:
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 had suspended Prior Capital’s CIF licence in March last year because of suspicions of an alleged violation of the above mentioned law, regarding the safeguard of clients’ funds
