The Cyprus Securities and Exchange Commission (CySEC) on Friday announced a decision to impose fines amounting to €360,000 on the Cyprus Investment Firm (CIF) MCA Intelifunds.
The Board of CySEC reached this decision after identifying a series of violations of the Investment Services and Activities and Regulated Markets Law of 2017 by MCA Intelifunds following an inspection of the CIF conducted in September 2022, the commission said.
The commission explained that in order to impose the administrative fines, CySEC took into account, among other factors, the importance attached to ensuring that persons subject to its supervision fully comply with the provisions of the law.
CySEC also took into account that the CIF has the responsibility to comply with its obligations and that, with its omissions at the essential time, it did not ensure the protection of its clients interests, to which CySEC attaches particular importance.
The commission also stressed that the CIF’s obligation is to act honestly, fairly and professionally as a measure to strengthen the confidence of investors in the market as well as the need to collect information regarding the experience and knowledge of its clients.
This, the commission explained, allows CIFs to better assess whether an investment service or financial instrument is compatible with a client.
It is also important that the CIFs inform the client when a product or service is not compatible to enable them to make informed decisions, CySEC concluded.
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