A settlement has been reached with the CIF Mount Nico Corp Ltd for possible violation of the Investment Services and Activities and Regulated Markets Law of 2017 («the Law»). More specifically, the investigation for which the settlement was reached, is related to the findings concerning, the period of February 2020 to December 2020, with regard to the Company’s compliance with the following laws regarding:
- requirement for CIF authorization (Article 5(1))
- the obligation of continuous compliance with the conditions of CIF authorisation and specifically with articles 17(3)(c) (specifying an identified target market) and 17(9) (safeguarding of clients rights of the Law).
- conflicts of interest ( Article 24)
- variable elements of remuneration ( Paragraph 21(g) of the Directive DI144-2014-14)
- general principles and information addressed to clients (Article 25, sections (1) and (3))
- the assessment of suitability and appropriateness and reporting to clients (Article 26(3)(a))
The settlement reached with the Company, for the possible violation, is for the amount of
€290.000.
The Company has paid the amount of €290.000.
