CySEC Announces €100,000 Settlement with CIF BCM Begin Capital Markets CY Ltd

The Cyprus Securities and Exchange Commission (CySEC) announced that it has reached a settlement agreement with the Cyprus Investment Firm (CIF) BCM Begin Capital Markets CY Ltd.

CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, may reach a settlement agreement regarding any violation or possible violation, act or omission for which there is reasonable ground to believe that is in breach of the provisions of legislation under the regulatory remit of CySEC.

According to the Cypriot watchdog, the broker has possibly violated the Investment Services and Activities and Regulated Markets Law of 2017 regarding the requirement for CIF authorization and general principles and information to clients.

The settlement reached with the company, for the possible violations, is for the amount of €100,000, which the company has already paid.

CySEC is actively flagging and taking action against any violations. Earlier this month, the commission issued warning against 5 websites​ do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.