16 March AtoZForex, Amsterdam — The Cyprus Securities and Exchange Commission (CySEC) has announced today its decision that BDSwiss Holding Ltd (BDSwiss) receives a monetary fine for violations of the Investment Services and Activities and Regulated Markets Law of 2007. The decision was made during the Board meeting on the 14th of December, 2015. Yet, it was until today that it the regulator announces that BDSwiss failed to comply with CySEC and received a €5000 fine.
BDSwiss is a Cyprus Investment Firms (CIFs) that specializes in the offering of online Forex/CFD and Binary Options trading to retail and institutional clients. The broker provides its customers a range of tools and trading software, one of which is the popular MT4 platform, in order to address all investors of various skill levels.
Break down of the CySEC BDSwiss fine
Relating back to the administrative fine of €5000 issued on BDSwiss, the broker has been deemed to have violated two counts of the Investment Services and Activities and Regulated Markets Law of 2007. For both violations the broker has being fined by CySEC for an amount of €2,500 per each count. The regulator has disclosed publicly the exact break down of the CySEC BDSwiss fine:
- A monetary fine of €2.500 for non-compliance with Section 28(1) of the Law as the broker failed to comply at all times, and specifically during the period of 8.5.2014 -18.6.2014, with the authorization and operating conditions, as laid down in Section 18(2)(c) of the Law- continuity and regularity in the performance of investment services, by employing appropriate and proportionate systems, resources and procedures.
- A monetary fine of €2.500 for non-compliance with Section 36(1) of the Law as it failed, in June 2014, to act fairly, honestly and professionally, in accordance with the best interests of its clients.
Similar to the case of BDSwiss, the Cypriot regulator has also issued today a fine on the binary options firm SpotOption. For which the decision was also made during the Board meeting last year in December. The binary option firm, SpotOption received a fine of €10,000 for also not being fully compliant with the regulations of CySEC.
Think we missed something? Let us know down in the comments section.