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Abstract:On April 13, 2023, the Cyprus Securities and Exchange Commission (CySEC) announced a statement that it imposed a fine of one million euro on the Cyprus investment firm Itrade Global (Cy) Ltd.
On April 13, 2023, The Cyprus Securities and Exchange Commission (CySEC) announced a statement that it imposes a fine of one million euro on the Cyprus Investment Firm Itrade Global (Cy) Ltd.
According to the report, Itrade Global failed to implement policies and procedures to monitor the activities of its Tied Agent in Spain, when acting on its behalf. The law provides that CIFs remain fully and unconditionally responsible for any action or omission on the part of their Tied Agents acting on their behalf.
CySEC found that the company has violent the law through points below:
CySEC found that Itrade Global through its Tied agent failed to ensure that natural persons providing information about financial instruments, investment services, or ancillary services to clients on behalf of the Company possessed the necessary knowledge and competence to fulfill their obligations under the Law.
Itrade Global did not request clients to provide the appropriate information regarding their knowledge and experience in order to assess whether the offered product or service was appropriate for them.
CySEC‘s decision also found the Company’s infringements with articles of the Law about the compliance function, the product approval process, and its obligation for keeping records of telephone conversations.
The Chairman of CySEC Dr. George Theocharides, said: “CySEC takes any misconduct by supervised entities seriously and is determined to bring non-compliant operations to a halt in order to enhance investor protection and the responsible growth of the investment sector. CIFs are urged to ensure that they fully comply with their regulatory obligations, with an emphasis on strengthening their compliance function and evaluating the competence of the Staff, in particular the personnel of their sales and marketing functions. CySEC has a strong commitment to the responsible growth of the investment sector, underpinned by rigorous supervision to safeguard investor protection.”
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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