The Cyprus Securities and Exchange Commission (CySEC) today announced a decision to impose an administrative fine of one hundred thousand euro (€100,000) on the Cyprus Investment Firm BDSwiss Holding Ltd (the board decision).
CySEC said it reached the above decision after finding that BDSwiss Holding Ltd enabled offshore companies with which it was associated, to invoke the CIF's status, as a Cyprus Investment Firm, to attract clients to whom they offered investment services in CFDs. "That was without requiring customers to pay initial margin protection and not giving the necessary risk warning, as it would have to, if the provider was the CIF, avoiding the application of the statutory requirement," it added.
