The Cypriot financial markets regulator CySEC, which has often in the past come under fire for being too lenient with brokers is indeed stepping up its pace and tightening its grip since it has just announced its decision to impose a hefty administrative fine amounting to €168,000 on Cyprus Investment Firm Safecap Investments Ltd.
This is an important decision since Safecap is in fact the holdings company which offers its services through several popular brands to a world-wide clientele. More specifically, Safecap’s authorized brands are currently:
According to the regulator’s announcement the firm in question was fined due to its violation of provisions and requirements of the Investment Services and Activities and Regulated Markets Law of 2007, as in force, the Directive DI144-2007-01 of 2012 for the Authorisation and Operating Conditions of CIFs, the Directive DI144-2007-02 of 2012 for the Professional Competence of Investment Firms and of the Natural Persons Employed by Them and other laws.
Moreover, CySEC specifies in its announcement that in order to reach the decision to impose this fine, it has taken into account the findings of an onsite investigation carried out in May 2013, as well as of an onsite inspection at the Company’s offices in October 2014.