24/03/2011 09:38
The Board of Directors of the Cyprus Securities and Exchange Commission decided to impose an administrative fine of €5,000 to Marfin CLR (Financial Services) Ltd for violating article 40(2) of the Investment Services and Activities and Regulated Markets Law 2007.
According to the announcement, for the period from June 2009 to March 2010 the company continued to have as associated representative a person who did not meet the requirements of the Law in acting as associated representative of CIF.
In order to determine the administrative fine, the SEC took into account the seriousness that the legislator gives in this type of breaches, which is reflected by the maximum administrative fine provided for the violation of article 40(2) of the Law, that is, €175,000.
It also took into account the gravity that the SEC gives in securing that the CIFs appoint only persons that are registered in the public registry to act as associated representatives. In general, the compliance with the provisions of the Law secures the promotion of the proper operation of the capital market.
As a moderating factor the SEC took into consideration that the Company tried to meet the requirements of the Law as well as the fact that during the period from June 2009 to March 2010, when the specific person acted as associated representative of the Company, his actions were supervised by another person in the Company, certified and registered in the public registry.
According to the announcement, for the period from June 2009 to March 2010 the company continued to have as associated representative a person who did not meet the requirements of the Law in acting as associated representative of CIF.
In order to determine the administrative fine, the SEC took into account the seriousness that the legislator gives in this type of breaches, which is reflected by the maximum administrative fine provided for the violation of article 40(2) of the Law, that is, €175,000.
It also took into account the gravity that the SEC gives in securing that the CIFs appoint only persons that are registered in the public registry to act as associated representatives. In general, the compliance with the provisions of the Law secures the promotion of the proper operation of the capital market.
As a moderating factor the SEC took into consideration that the Company tried to meet the requirements of the Law as well as the fact that during the period from June 2009 to March 2010, when the specific person acted as associated representative of the Company, his actions were supervised by another person in the Company, certified and registered in the public registry.
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