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CySEC imposed EUR 2.02 million in fines on CIF companies in 2020


The Cyprus Securities and Exchange Commission imposed a total of EUR 3.19 million in administrative penalties in 2020, of which EUR 2.02 million was attributable to Cypriot Investment Companies (CIF). Besides, the regulator suspended the licenses of 8 CIF companies, withdrew the licenses of 3 CIF companies and issued several decisions calling for the removal of certain irregularities.

The regulator published a report for 2020 in which it referred to the Cyprus capital market and its upward trend. CySEC also indicated that digital transformation is its top priority. Despite the difficult financial environment and changes in the legal framework, CySEC remains optimistic about Cyprus’ position in the capital markets.

Demetra Kalogerou, chairman of the Cyprus Securities and Exchange Commission, stated that 88 entities obtained a CySEC license in 2020, of which 69 are active in the field of collective investment, 14 in the provision of investment services, and 5 in the provision of administrative services.

CySEC currently supervises 779 entities, which means an increase of 4.42% compared to 2019, in which it supervised 746 entities. Last year, the regulator added a new regulatory category called “Mini-Managers” and a new investment product – Crowdfunding.

The regulator reveals plans for 2021

CySEC also informs that it is developing a data management framework to optimally organize the Commission’s huge database and to provide a framework for the timely identification, proper assessment and management of potential risks related to the activities of the Commission itself (risk assessment framework). The regulator is also working on a digital registry for service providers related to cryptocurrency assets, in line with changes to the AML / CFT Act, which was passed in February 2021.

Kalogerou emphasizes that the main goal of CySEC in 2021 is to develop procedures and methodologies for data-based supervision, which will allow identifying any irregularities and threats in the market at an early stage. At the same time, the regulator analyzes the possibility of transforming the Innovation Hub into a Regulatory Sandbox.

Author: Izabela Kamionka

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