CySEC Imposed a €50,000 Fine on Licensed Firm

The Cyprus Securities and Exchange Commission (CySEC) charged a total €50,000 fine on Fiduserve Asset Management Ltd, a Cyprus-licensed investment fund manager.

A major portion of the charges, €20,000, was imposed for Fiduserve's failure to gather enough data about investors' financial status, investment intentions, and risk tolerance levels between June 2018 and October 2021. CySEC issued a €15,000 penalty for failing to produce periodic statements containing the essential information to investors whose portfolios permitted leveraged management between December 2018 and October 2021.

A €5,000 punishment was imposed for failing to submit updated disclosures to investors regarding how their investments compared to their preferences, aims, and characteristics throughout the same time. Finally, CySEC fined Fiduserve €10,000 for offering investors with incorrect, unclear, and misleading information.

About CySEC

The Cyprus Securities and Exchange Commission (CySEC) is the independent public supervisory Authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus, and the collective investment and asset management sector. It also supervises the firms offering administrative services that do not fall under the supervision of ICPAC and the Cyprus Bar Association, as well as Crypto-Asset Services Providers. The mission of the CySEC is to exercise effective supervision to ensure investor protection and the healthy development of the securities market.

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