CySEC Fines Key Way Investments €120,000

The Financial Commission / Media posts / CySEC Fines Key Way Investments €120,000

The Cyprus Securities and Exchange Commission (CySEC) announced today that it has reached a settlement and fine with Key Way Investments Ltd. The company currently maintains a Cyprus Investment Firm (CIF) registration and thus must abide by the regulator’s decision.

The regulator indicated in their notice that the enforcement action stems from “possible violations of The Investment Services and Activities and Regulated Markets Law of 2017(“the Law”). More specifically, the onsite inspection taking place in June 2019 for which the settlement was reached, involved assessing the Company’s compliance.”

As indicated by Finance Magnates, the fine “was for non-compliance with Article 5(1) of the Law, regarding the requirement for CIF authorization and Article 22(1), which concerns certain authorization conditions and organizational requirements with which a CIF is required to comply. CySEC has further explained that the financial penalty was also imposed for non-compliance with other articles that cover multiple regulatory requirements, including conflicts of interest, the information provided to clients, and certified persons.”

The company is expected to correct any issues related to the enforcement action, but clients of the company should be aware of the lapses identified by the regulator in order to ensure their future dealings with the company and personal funds are not at risk.

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