The Cyprus Securities and Exchange Commission (CySec) has issued an administrative fine of 5,000 euros to Traders Trust Capital Markets Ltd (‘The Company’) for violation of Article 41 of the Cyprus Securities and Exchange Commission Of Law which has been in force since 2009, citing that around September 2014, the company made a misleading statement when providing information with regard to the increasing of equity that was required for monitoring its compliance in accordance with Articles 10 and 67 (2) of the Investment Services and Activities and Regulated Markets Law of 2007.
In order to determine the administrative fine which resulted from a meeting on the matter that took place on February 9 this year, the Cypriot regulator has taken the following into account:
– The seriousness with which the regulator views such violations, reflected in the size of the administrative penalty which was issued for such infringements.
– The importance attached to ensuring that the information provided by natural or legal persons in Cyprus is valid, accurate, and complete in order to achieve the effective exercise of the Law
supervisory and regulatory powers.
– Providing misleading information may hamper the ability of Cypriot regulator exercise its supervisory role to ensure the proper functioning of the firm.
– As a moderating factor, the fact that the Company gave adequate explanations regarding the information provided to CySec with regard to the increase of its own of funds.
– As a further moderating factor, the fact that the Company has not commited a similar violation in the past.
For the official announcement from CySec, click here.