CySEC Slaps €2.2M Fines On Investment Firms Last Year
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The Cyprus Securities and Exchange Commission (CySEC) conducted more than 700 remote and on-site reviews of supervised institutions and issued fines of more than $2.2 million in 2023, according to a recent report. These thematic assessments intend to protect investors and ensure adherence to regulations. CySEC carried out remote assessments on investment companies that were hit by the Ukraine-Russia Sanctions
CySEC Enforced Administrative Penalties Totaling About €2.2 Million Last Year
The Market Supervision and Investigations Bureau finished 42 inquiries, with 48 continuing as the year concluded. A case was submitted to the Attorney General for possible criminal offenses.
Because of the supervisory examinations, CySEC enforced administrative penalties totaling about €2.2 million last year, with a €1 million fine imposed on a single investment company. In the last three years, €6 million in penalties have been issued with €5.3 million directly on investment companies for regulatory issues.
Similarly, In the same timeframe, the British FCA terminated the licenses for 1,266 unapproved companies and imposed record fines totaling £52,802,900. The top contender in this aspect continues to be the USA, with the CFTC and the SEC collectively enforcing financial sanctions of more than $9 billion.
In addition, supervised organizations were directed to take corrective steps in 103 cases. Also, 25 institutions were instructed to adhere to counter-terrorist financing and anti-money laundering rules within a given period. CySEC canceled or paused the operating permits of 19 investment companies and two Collective investment schemes.
In a recent interview, Dr. George Theocharides, the Chairman of, CySEC stated that artificial intelligence and cryptocurrencies are now among the most crucial regulatory challenges. These technologies are set to transform the whole industry.
MiCA Aims To Ensure Investor Protection In The Crypto-Asset Industry
Dr Theocharides further stated that while AI can revolutionize the securities market by reducing cost, increasing accuracy, and boosting efficiency, it is currently in its early stages. He added that the company is just starting to explore how AI can boost its ability to transform and engage with the market. For this reason, establishing trust will be an important element for this wide adoption.
He also emphasized the forthcoming implementation of Markets in Crypto-Assets Regulation (MiCA) as a notable regulatory change anticipated by the end of this year. MiCA plans to ensure market integrity and investor protection in the crypto-asset industry.
Dr Theocharides urged supervised organizations to get ready for MiCA’s adoption by obtaining the required staffing and systems to Adhere to the new requirements. He also warned investors about the dangers of crypto-assets.
