The Board of the Cyprus Securities and Alternate Fee (CySEC) right this moment introduced the imposition of a positive of €100,000 on Cyprus funding agency BDSwiss Holding Ltd.
The penalty stems from BDSwiss’s non-compliance with article 42 of Regulation (EU) 600/2014 (the ‘Regulation’), as laid out in paragraph 5 of DI87-09, throughout the yr 2021, for partaking in actions that resulted within the circumvention of the necessities of paragraph 4(1)(a)(preliminary margin) and (e)(danger warning) of DI87-09.
Specifically, BDSwiss enabled offshore firms with which it was related, to refer on the CIF’s standing, as a Cyprus Funding Agency, licensed by CySEC, to draw purchasers to whom they supplied funding providers in CFDs with out:
- requiring clients to pay preliminary margin safety,
- giving the mandatory danger warning.
BDSwiss has been licensed by CySEC since Could 2013. It operates by way of a number of domains, together with: eu.bdswiss.com; eu.swissmarkets.com; eu.investments.bdswiss.com; eu.bdstrading.com; www.viverno.com.