Breaking: Anyoption Fined €235K by CySEC

The Cyprus Securities & Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) today announced an administrative fine of €235,000 against the Cypriot Investment Firm (CIF) Ouroboros Derivatives Trading Ltd, which operates Anyoption, over non-compliance with a number of related regulatory legislations, according to an official CySEC press release.

Ouroboros Derivatives Trading Ltd is the owner of the brand AnyOption, one of its trading names, and is an online provider of binary options, among other related derivatives including on foreign exchange.

The CySEC board had decided on the action during a meeting on January 18^th 2016, and listed violations of the Investment Services and Activities and Regulated Markets Law of 2007, as related amendments, as well as Directive 1 pertaining to CIF authorisations and operating conditions, and also Directive DI related to professional competence of investment firms and its employed natural persons.

The €235,000 fine consisted of a €70,000 fine for non-compliance with Section 6(8) of L.144(Ι)/2007 over providing investment advice beyond the scope of the license that the company has, and a €10,000 fine related to the company members and supervision. It referenced: “all members of the board of directors shall commit sufficient time to perform their functions in the CIF,” and the update said that the company’s executive director did not commit sufficient time to perform his duties and did not adequately supervise the company’s services/activities.

€10,000 was related to a failure to maintain adequate and orderly records of marketing communications. An additional €20,000, €40,000, €30,000, €15,000, and €40,000 made up the remaining violations in the long list cited by CySEC as part of the €235,000 fine against Ouroboros Derivatives Trading Ltd. The news comes as CySEC has been active in delving out similar fines against some of its members as the regulator steps up its enforcement actions.