Second announcement from CySEC today, as the Board of the Cyprus Securities and Exchange Commission (CySEC) has informed the public that, at the meeting held on 4th December 2017, decided to impose an administrative fine of €2,000 to the CIF Iron FX Global Ltd (now known as Notesco Financial Services Ltd).
The fine is for non-compliance with section 114 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force.
According to CySEC, IronFX did not submit its audited financial statements for the year ending December 31, 2016, within the time-limit laid down by law.
As a factor in determining the amount of the administrative fine, CySEC said that it took account of the following factors:
i. The gravity it attaches to ensuring that the entities covered by the Law fully comply with its provisions.
ii. The timely submission of the CIF’s financial statements is necessary for effective exercise of the supervisory role of the regulator. Late submission makes it difficult to control CIFs and creates gaps in the flow of information to the supervisory authority, which must be unhindered, continuous, timely and accurate.
iii. The seriousness it gives to the timely submission of the financial statements of CIFs.
iv. As a mitigating factor, that the Company finally submitted to the regulator its audited financial statements for the year ended 31 December 2016, on 15 September 2017.
v. As a mitigating factor, that the Company has not committed a similar violation in the past.