Cyprus Securities and Exchange Commission

Year 2001Regulated by Government

The Cyprus Securities and Exchange Commission (CySEC) was established in accordance with section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001 as a public legal entity. It is an independent public supervisory Authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus and the collective investment and asset management sector. It also supervises the firms offering administrative services which do not fall under the supervision of ICPAC and the Cyprus Bar Association.

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Sanction Fine

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Disclosure summary

Disclosure matching Website matching
Disclosure time 2022-10-07
Penalty amount $ 230,171.00 USD
Reason for punishment CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may reach a settlement agreement regarding any violation or possible violation, act or omission for which there is reasonable ground to believe that is in breach of the provisions of legislation under the regulatory remit of CySEC.

Disclosure details

CYSEC Board Decision

7 October 2022 CYSEC Board Decision Announcement date: 07.10.2022 Board decision date: 26.09.2022 Regarding: Crowd Tech Ltd Legislation: The Investment Services and Activities and Regulated Markets Law, Regulation (EU) No. 600/2014 Subject: Settlement €230.000 Judicial Review: N/A Judicial Review Ruling: N/A The Cyprus Securities and Exchange Commission («CySEC») would like to note the following: CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may reach a settlement agreement regarding any violation or possible violation, act or omission for which there is reasonable ground to believe that is in breach of the provisions of legislation under the regulatory remit of CySEC. Α settlement has been reached with the CIF Crowd Tech Ltd («the Company») for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017 («the Law») and of the Regulation (EU) 600/2014 on markets in financial instruments. More specifically, the investigation for which the settlement was reached, involved assessing, for the period January 2020 until June 2021, the Company’s compliance with: 1. Article 5(1) of the Law, regarding the requirement for CIF authorization. 2. Αrticle 22(1) of the Law as to the authorisation condition laid down in article 17(2) of the Law, regarding the organisational requirements a CIF is required to comply. 3. Article 25, paragraph (1) and (3), of the Law, regarding general principles and information to clients. 4. Article 42 of the Regulation 600/2014 as to complying with paragraph 5 of the CySEC’s Directive DI87-09 for the Restriction on the Marketing, Distribution, and Sale of Contracts for Difference (CFDs) to Retail Clients (DI87-09), regarding the prohibition of participation in circumvention activities. The settlement reached with the Company, for the possible violations, is for the amount to €230.000. The Company has paid the amount of €230.000. It is noted that all amounts payable relating to settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.

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Danger

2023-08-11

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