The Cyprus Securities and Exchange Commission (CySEC) announced today that following a meeting held on 25 July 2016, it has decided to impose an administrative fine of €2,000 on M&L Invest Union Markets Ltd for non-compliance with the law.
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The brokerage, which trades under the url www.belarta.com and describes itself as a an STP/DMA broker that offers both retail and institutional services for clients has, according to CySEC’s statement today, violated article 3 of Implementing Regulation (EU) No 680/2014 of the European Commission and paragraph 61(4) of the CySEC’s Directive DI144-2014-14 for the Prudential Supervision of Investment Firms.
While CySEC’s statement does not offer specific details relating to the broker’s wrong-doings, the directive which the firm has been pulled up on applies to companies who fail to apply appropriate policies and procedures to ensure sufficient compliance with the procedural regulatory requirements.
Today’s fine by CySEC follows a series of penalties imposed on financial service operators who break the watchdog’s rules and regulations, most recently, on the operator of binary options brokerage brand of TechFinancials, OptionFair, which was fined €138,000 in July.