CySEC imposed an administrative fine to BrokerCreditService

The Board of the Cyprus Securities and Exchange Commission (CySEC) announced that at its meeting held on the 28th March 2022, decided to impose an administrative fine of €10.000 to CIF BrokerCreditService (Cyprus) Limited  for non-compliance with article 16(2) of Regulation (EU) 596/2014 on market abuse, as it did not establish and maintain effective arrangements and systems for detecting suspicious transactions, since it was not taking due account the circumstances of change in the price of the financial instruments (size of change, period of time, issuance of announcements by the issuer) in which it is trading, and which may give rise to reasonable suspicions that atransaction on the financial instrument could constitute insider dealing.