Cypriot regulator reaches €300,000 settlement with Banc de Binary

Maria Nikolova

A settlement has been reached with the Banc De Binary Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007.

The Cyprus Securities and Exchange Commission (CySEC) today announced a EUR 300,000 settlement with binary options firm Banc de Binary over securities law violations.

A settlement has been reached with the Banc De Binary Ltd for possible violations of The Investment Services and Activities and Regulated Markets Law of 2007 and of the Directives issued thereof. More specifically, the settlement reached relates to the assessment of the firm’s compliance, at the time it was authorised, with:

  • 1. Section 6(8) of L. 144(Ι)/2007 relating to its CIF authorisation.
  • 2. Section 28(1) of L. 144(Ι)/2007, according to which a Cyprus Investment Firm (CIF)
  • must, at all times, comply with the conditions under which an authorisation was granted as laid down in Part III of L. 144(Ι)/2007 and in particular, with the conditions laid down in section 18(2), paragraphs (a), (f) and (j), of L. 144(Ι)/2007 and in paragraphs 4, 13 ,14 and 18 of Directive DI 144-2007-01 of 2012.
  • 3. Section 34 of L. 144(Ι)/2007 relating to the change in CIF information and details.
  • 4. Sections 36(1), 36(1)(a), 36(1)(b) and 36(1)(d) of L. 144(Ι)/2007 and paragraphs 6, 8-12, 15 and 16 of Directive DI 144-2007-02 of 2012 relating to the conduct of business obligations when providing investment and ancillary services to clients.
  • 5. Section 38(1) of L. 144(Ι)/2007 and paragraph 23 of Directive DI 144-2007-02 of 2012 relating to the obligation to execute orders on terms most favorable to the client.
  • 6. Article 139 of L. 144(Ι)/2007 regarding the obligation to ensure the correctness, completeness and accuracy of the information submitted to CySEC.

The company has paid the amount of €300,000.

Let’s recall that, in January 2017, the Cypriot regulator announced the renouncement of the authorization of Banc de Binary.

“The Cyprus Securities and Exchange Commission (the ‘CySEC’) announces that, on 9th January 2017, the Cyprus Investment Firm Banc De Binary Ltd (the ‘Company’) renounced its authorization pursuant to section 24(1)(b) of the Investment Services and Activities and Regulated Markets Law of 2007 (the ‘Law’).

As stated in the renouncement letter of the Company, which provided investment services via the domain, its authorization with Νumber 188/13 lapses as from 15th of January 2017.

It is noted that, in accordance with section 25(4) of the Law, Banc De Binary Ltd remains under the supervision of the CySEC until it settles its obligations arising from the investment services or/and activities that will lapse”.

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