CySEC Slaps €200,000 Fines on Pegase Capital Officers, Bans Owner for 5 Years

The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) today announced a series of financial penalties on the directors of Pegase Capital, which had its CIF licenses renounced last year. The Cypriot regulator has also banned the company’s owner Michel Teman from exercising professional activity related to the financial sector for a number of years.

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This decision marks the conclusion of CySEC’s long-time investigation into the suspected failings at Pegase Capital, which was operating a number of FX and binary options brokers under its renounced CIF license, including HelloBrokers, Interactive Option, MTX Plus and pegasecapital.com.

The imposition of financial penalties and prohibition measures on the directors follows the regulator’s suspension of the Pegase Capital license in March 2016 and its ultimate withdrawal after two months for related failings.

A collective sum of €200,000 has been imposed on the company’s officers with the biggest fine (€150,000) going to Michel Pierre Salomon Teman, the company’s CEO and shareholder with a qualifying holding during the relevant period, according to CySEC’s statement.

A number of senior officers were included in the penalties list. Among them, Pantelis Ioakim and Giorgos Miltiadous, the executive directors of the company until March 2016, were each fined €25,000.

In addition to the financial penalties imposed on Michel Teman, as of February 6 2017, he is banned from exercising professional activity related to the financial sector for five years, until June 2022.

According to the statement, the aforementioned individuals failed to have in place and strictly follow the operational requirements to “periodically assess the effectiveness of the policies, arrangements and procedures implemented by the Company for complying with obligations provided in the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), and in Directive DI144-2007-02 of 2012.”