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.
Disclose broker
Disclosure summary
- Disclosure matching Website matching
- Disclosure time 2022-07-06
- Penalty amount $ 174,367.00 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
6 July 2022
CYSEC Board Decision
Announcement date: 06.07.2022 Board decision date: 16.05.2022
Regarding: BCM Begin Capital Markets CY Ltd
Legislation: Τhe Investment Services and Activities and Regulated Markets Law
Subject: Settlement €170.000
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 BCM Begin Capital Markets CY Ltd («the
Company») for possible violations of the Investment Services and Activities and Regulated
Markets Law of 2017 – L.87(I)/2017 («the Law»). More specifically, the investigation for which
the settlement was reached, involved assessing, for the period January 2021 until April 2022,
the Company’s compliance with:
1. Article 25, paragraph (1) and (3), of the Law, regarding general principles and information
to clients.
2. Article 5(1) of the Law, regarding the requirement for CIF authorisation.
The settlement reached with the Company, for the possible violations, is for the amount
to €170.000. The Company has paid the amount of €170.000.
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.
Annex
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