The Cyprus Capital Market Commission (CCM) today announced a settlement of 50,000 euros with BCM Begin Capital Markets.
The Cyprus Securities and Exchange Commission, in accordance with article 37 paragraph 4 of the Cyprus Securities and Exchange Commission Law of 2009, may enter into a settlement agreement regarding any violation or potential violation, act or omission for which there is reasonable reason to believe that it violates the provisions of the law under the regulatory authority of YKK.
The settlement with BCM Begin Capital Markets CY Ltd concerns possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – N.87(I)/2017 (“the Law”) and Regulation (EU) 1286/2014 on the key information documents for packaged retail and insurance-based investment products (PRIIPs);
In particular, the investigation that led to the settlement concerned the assessment of the company’s compliance, with regard to the provision of investment services to clients, residents of Slovenia, with the following articles:
- Article 5 paragraph 1 of the Law, regarding the requirement for CIF authorization.
- Article 22(1) of the Law as regards the condition of authorization set out in Article 17(3)(a) and Article 17(5)(a) of the Law, regarding the organizational requirements with which a CIF is required to comply.
- Article 24 paragraph 1 of the Law, regarding conflicts of interest.
- Article 25 paragraphs (1) and (3) of the Law, regarding the general principles and information addressed to customers.
- Article 26(3)(a) of the Law, regarding the assessment of suitability for clients.
- Article 5(2) of the Regulation, regarding the drawing up of a key information document.
- Article 8(3) of the Regulation, regarding the form and content of the key information document.
The settlement reached with the company is for the amount of €50,000. The company has paid the amount of €50,000.
The regulatory authority notes that all amounts payable related to settlement agreements are considered revenue (revenue) of the State of the Republic and are not revenue of CySEC.
The company, formerly known as OX Capital Markets Limited, operates several websites, including www.profitlevel.com. www.capitalpanda.com; and www.begincapitalmarkets.com.
In December 2022, CySEC announced a €100,000 settlement with BCM Begin Capital Markets CY Ltd for violations of investment law.