Cypriot regulator fines Solid Financial Services over deficiencies in reporting to trade repository

Maria Nikolova

CySEC has imposed a fine of €10,000 on the firm which provides stock and FX trading services.

The Cyprus Securities and Exchange Commission (CySEC) today announces that its Board has decided to impose a fine of EUR 10,000 on Cyprus investment firm (CIF) Solid Financial Services Limited. The decision was made back in September 2019 but the regulator made it public today.

The administrative penalty is imposed due to the firm’s non-compliance with:

  • Article 9 of Regulation 648/2012, for not ensuring that details regarding derivative contracts concluded were reported to a trade repository.
  • Section 41 of the Cyprus Securities and Exchange Commission Law for providing a false statement regarding its reporting to a trade repository of details regarding derivative contracts concluded.

Each of the above-mentioned violations carries a penalty of EUR 5,000, CySEC explains.

The website of Solid Financial Services contains no information about the action taken by the regulator. The company claims to be “an independent European investment broker established in 2006 in Cyprus providing Investment services in international stock markets with focus on European Union, Russian Federation and CIS countries”. On top of stock trading, the company says it is offering Forex trading via MT5.

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