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CySEC Fines BDSwiss €150.000 For Possible Violations


CySEC has decided to fine BDSwiss [] €150.000 for possible violations.
Use caution before trading with this broker.

BDSwiss []
BDSwiss []

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23 January 2017

CYSEC Board Decision

Announcement date: 23.01.2017
Board decision date: 19.12.2016
Regarding: Bdswiss Holding Plc
Legislation: The Investment Services and Activities and Regulated Markets Law, Directive DI 144-2007-01 of 2012, Directive DI 144-2007-02 of 2012
Subject: Settlement €150.000
Judicial Review: N/A
Judicial Review Ruling: N/A

The Cyprus Securities and Exchange Commission (“CySEC”) would like to note the following:

CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’ s supervised legislation.

A settlement has been reached with the Cyprus Investment Firm Bdswiss Holding Ltd (“the Company”) for which there was suspicion of possible violations of the Investment Services and Activities and Regulated Markets Law of 2007 (the “Law”) and of the Directives issued pursuant to the Law. More specifically, the investigation for which the settlement is reached, involved assessing the Company’s compliance with, amongst others:

1. Article 28(1) of the Law, according to which a Cyprus Investment Firm (“CIF”) must, at all times, comply with the conditions under which authorisation was granted as laid down in Part III of the Law and in particular, with the conditions laid down in Articles 18(2)(a) and 18(2)(d) of the Law.

2. Article 36(1), (1)(a), (1)(b) and (1)(d) of the Law, relating to conduct of business obligations when providing investment and ancillary services to clients.

The settlement reached with the Company for the possible violations, is for the amount of €150.000. The Company has paid the amount of €150.000. It is noted that the amounts due to settlement agreements are calculated as revenue (income) to the Treasury of the Republic and are not calculated as an income for CySEC.