The Cyprus Securities and Exchange Commission (CySec) has today issued a notice to inform the public that, at the meetings held on the 2nd March 2015 and on the 25th May 2015, the regulatory authority decided to impose an administrative fine of €168,000 to Cyprus Investment Firm (CIF) Safecap Investments Ltd, the holdings company owned by Teddy Sagi whose brands include Markets.com, for violating the Investment Services and Activities and Regulated Markets Law of 2007.
The regulator cites discrepancies in adherence to Directive DI144-2007-01 of 2012 which sets out the authorization and operating conditions of CIFs, as well as the Directive DI144-2007-02 of 2012 for the professional competence of investment firms and of persons employed by them.
In reaching the above decision Cysec has taken into account the findings after carrying out, in May 2013, an onsite investigation and, in October 2014, an onsite inspection at the Company’s
offices.
For the official announcement from CySec, click here.