Over the previous year, we could see another turbulences in the financial sector. World of brokers is changing, some are leaving the game and some have to face penalties. Regulators still monitor the market closelz, trying to keep their control over the institutions. Sometimes thez are successful, the other times not.

The Cyprus Securities and Exchange Commission (CySec) is not an exemption. Albeit very benevolent most of the time, over the last years it was forced to show particular activity under the pressure of European central banks.

Therefore, the Cyrpiot watchdog has imposed the total of €1,911 million of fines on Cyprus Investment Firms in 2016. In this amount is included a settlement made between CySec and a CIF.

The biggest fines were imposed on Ouroboros Derivatives Trading Ltd, XFR Financial Ltd, IQ Option Europe Ltd and Rodeler Ltd.

Specific, for the year 2016, the fines imposed by CySec on Investment Firms were as below:

– Imposed fines on 15 Cyprus Investment Firms in total of €1,461 million.

– Reach a Settlement with a CIF for the amount of €350.000.

– Fined 1 natural person related to Cyprus Investment Firm for the total of €100.000.

Click on CySec Fines in 2016 to find more about:

  • The name and the amount of each company fined
  • The reason of the fine
  • Companies that their CIF License Suspended and Withdraw

What is more, click on Global Regulators Fines to read fines imposed by CySec also for the Years 2015 and 2017, as well as, fines imposed by others regulators during the years 2016 and 2015.

We can expect this trend to continue as the global fight of national institutions against the money laundering and tax evasion continues. Therefore, brokers will still remain as the major target of central banks’ regulation.

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