The Cyprus Securities and Exchange Commission (CySEC) today announced a €20,000 settlement with ZFN EUROPE.
CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, as amended has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.
The settlement with ZFN EUROPE LTD is for a possible violation of Investment Services and Activities and Regulated Markets Law of 2017, as amended (“the Law”).
More specifically, the investigation for which the settlement was reached involved assessing, for the period December 2023 – June 2024, the Company’s compliance with article 5(1) of the Law, regarding the requirement of authorisation.
The company has paid the amount of €20,000.
The regulator notes that all amounts payable from settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of CySEC.
