CySEC Imposes Administrative Fine of €3,000 on CIF Atlantic Securities Ltd

On January 24, the Cyprus Securities and Exchange Commission announced that it imposed an administrative fine of €3,000 on CIF Atlantic Securities Limited for non-compliance and market abuse. In its notice, 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 stated that it had imposed such a penalty on the firm following an assessment of the company’s activities. As a result of the inspection, the regulator identified that Atlantic Securities Ltd was non-compliant in its broker’s part in business offerings. According to the regulatory notice, CySEC found that the company did not establish and maintain effective arrangements, procedures and systems for detecting suspicious orders and transactions. Such arrangements, procedures and systems did not take into consideration of the non-exhaustive list of indicators of market manipulations enshrined in regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 596/2014.

Based on the CySEC website, Atlantic Securities Ltd is a registered Cypriot Investment Firm (CIF). Since 2003, the firm has been authorized to operate business activities by the Cypriot regulator. CySEC’s website has a list of 12 agents tied to Atlantic Securities Limited.

CySEC Is Keen on Market Conduct and Abuse

The development by CySEC comes at a time when the watchdog remains vigilant for any violation by regulated firms under its jurisdiction. The regulator is working with overseas regulators such as the UK’s Financial Conduct Authority and others in flagging brokers who appear to take advantage of Europe’s passport rule. In July 2020, CySEC imposed an €80,000 fine on Tradernet Limited for some unspecified violations. The agency reached a settlement with CIF Tradernet Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2017. Besides that, in July 2020, CySEC ordered all regulated entities under its jurisdiction to implement the Financial Task Force (FATF)-recommended Coronavirus related Anti-Money Laundering (AML) and counter-free financing (CFT) policies. The watchdog issued an official letter to all ASPs, CIFs, UCITS management companies, internally managed AIFLNPs, internally managed AIFMs, internally managed UCITS and AIFMs. During that time, all regulators across the world reported a rise in financial crime by manipulating individuals with the fear of the Covid-19 outbreak. For instance, the US Federal Bureau of Investigation and the UK’s Financial Conduct Authority issued warnings due to such an increase in financial crime.