Mille Lees Mille Lees, Monday 6th May 2019, 9:35 AM GMT+0000
Goldenburg Group

Goldenburg Group Ltd hit with €170,000 fine from CySEC

CySEC, the financial regulator of Cyprus, announced on 2019-05-03 that they would be imposing a total fine of €170,000 on to CIF Goldenburg Group Ltd.

Goldenburg received this fine as a result of not complying with the provisions of the L.144I/2007 policy (Investment Services & Activities of Regulated Markets Act/20070. They also are receiving penalties for breaking laws under the DI 144-2007-02 Act, which protects the employees employed by the financial group.

The breakdown for the fines imposed on to the Goldenburg Group Ltd follows:

  • 30k penalty for failing to obey section 18 (2D) of the L.144I/2007 Policy.
  • 50k penalty for not obeying part 18 (2G) of the L.144I/2007 Policy.
  • 80k fine for violating section 36 (1) and 36 (1A) of the L.144I/2007 Policy.
  • 5K fine for breaching section 40 (2) of L.144I/2007.
  • 5k penalty for defying section 76 (5) of L.144I/2007.

These fines aren’t shocking; in the last six years, CySEC fined financial firms a total of €25.5 Million. €18.5 million of those were administrative fines, and as the Cyprus Securities and Exchange Commission regulates new entities, an increase is administrative penalties is expected.

Mille Lees

Author: Mille Lees

Millie has been with whichbroker.com since the start. She has a passion writing financial news after an internship at Bloomberg London. Millie's background in journalism and politics means she has an eye for a good story. Millie graduated from LSE and has a masters from Durham University England. Mille Lees can be contacted at [email protected], View all posts by Mille Lees

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