The Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of a total administrative fine of €100,000 on the Cyprus Investment Firm (CIF), Titanedge Securities Ltd (board decision).
The Board of CySEC reached the decision after identifying violations of the Investment Services and Activities and Regulated Markets Law of 2017, committed during the period 2023-2024 by Titanedge Securities Ltd.
In more detail, CySEC imposed the following fines against Titanedge Securities Ltd:
- €40,000 for violation of section 25(3)(a), as the Company did not ensure that all information, including marketing communications, provided to clients or potential clients, was fair, clear and not misleading.
- €30,000 for violation of section 5(1) of the Law, as the Company provided investment advice as a regular occupation, without having previously obtained the relevant authorisation from CySEC.
- €30,000 for violation of section 22(1) of the Law, as the Company did not comply at all times with the authorisation condition of Section 17(2) of the Law, as specified further in Article 22(2)(a) of Delegated Regulation (EU) 2017/565. Specifically, the Company did not establish adequate policies and procedures sufficient to ensure its compliance with its obligations under the Law.
For the imposition of the administrative fine, CySEC took into account, among other, the importance attached to the implementation of appropriate policies and procedures by a CIF within the framework of its operations, as well as the need to ensure the protection of the investing public and the clients of CIFs. Such protection is achieved when the information provided by CIFs enables clients to make informed decisions.
CySEC also considered that, during the relevant period, the Company did not ensure the protection of its clients’ interests, as well as its obligation to operate within the scope of its operating licence.
