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CySEC reaches €100K settlement with broker accused of market abuse

investing business trading cysec

The Cyprus Securities and Exchange Commission (CySEC) on Friday announced that it has reached a settlement with a licensed broker for market abuse violations.

The commission explained that it has exercised its power under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009 to reach a settlement with BrokerCreditService (Cyprus) Limited, regarding possible violations of Regulation (EU) No. 596/2014 on Market Abuse and The Investment Services and Activities and Regulated Markets Law of 2017.

The commission explained that the settlement relates to an investigation into the company’s compliance with Article 16(2) of the Regulation, which pertains to the prevention and detection of market abuse.

It also related to Article 22(1) of the Law, specifically the authorisation condition laid down in Article 17(5)(a) regarding the organisational requirements that a CIF (Cyprus Investment Firm) must adhere to. The investigation covered the period from 2019 to 2021.

As a result of the settlement, BrokerCreditService (Cyprus) Limited has agreed to pay €100,000. The company has already fulfilled this payment.

It should be noted that all amounts paid under settlement agreements are considered revenue for the Treasury of the Republic of Cyprus and do not constitute income for CySEC.

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