CySEC removes two firms from register, fines two CIFs €100,000 total

The Cyprus Securities and Exchange Commission (CySEC) announced a series of regulatory actions in Cyprus involving the withdrawal of administrative services licences and the conclusion of two settlements with investment firms, aimed at enforcing compliance with financial services legislation and safeguarding market integrity.

CySEC said that, as of September 9, 2025, Fiduserve Management Limited (LEI 213800WAVVOPS85N2205) expressly waived its authorisation to provide administrative services under section 16(1) of the Law Regulating Companies Providing Administrative Services and Related Matters of 2012, as in force.

As a result, the company’s authorisation with Number 215/196, granted by CySEC, lapsed from that date and the company ceased providing administrative services.

CySEC added that, in accordance with section 16(2) of the Law, it permanently deleted the company from the licensed persons’ Register.

In a separate announcement, CySEC said that, as of November 11, 2024, Mann Made Corporate Services (Cyprus) Limited also expressly waived its authorisation to provide administrative services pursuant to section 16(1) of the same Law.

Consequently, the company’s authorisation with Number 200/196, which had been granted by CySEC, lapsed from that date and the company ceased to provide administrative services.

CySEC stated that it permanently deleted Mann Made Corporate Services (Cyprus) Limited from the licensed persons’ Register in line with section 16(2) of the Law.

Meanwhile, CySEC announced on January 9, 2026 that it had reached a settlement with EDR Financial Ltd, following a board decision taken on December 1, 2025, concerning possible breaches of investment services legislation.

“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 regulator said.

A settlement was reached with the Cyprus Investment Firm (CIF) EDR Financial Ltd (LEI 213800J8EV4SSMIBWB22) for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017, as amended, and Regulation (EU) No 600/2014.

The investigation covered the period 2020 to 2024 and examined the company’s compliance with article 22(1) of the Law, concerning the obligation to comply at all times with the conditions for CIF authorisation.

This included specific conditions set out in articles 17(4), 17(5)(a) and 17(5)(b) of the Law relating to organisational requirements that a CIF must meet.

The investigation also assessed compliance with article 42 of Regulation (EU) No 600/2014 on product intervention by competent authorities, particularly paragraph 5 of CySEC’s Directive DI87-09 on restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients.

This involved the requirement to ensure full compliance with paragraphs 4(1)(a) and 4(1)(d) of Directive DI87-09.

The settlement with EDR Financial Ltd amounted to €50,000, which the company has paid in full.

CySEC said that all amounts payable from settlement agreements are considered revenue of the Treasury of the Republic and do not constitute income of the regulator.

On the same date, CySEC also announced a settlement with Benor Capital Ltd, following a board decision taken on December 1, 2025, for a possible violation of the Investment Services and Activities and Regulated Markets Law of 2017.

“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 regulator said.

The settlement with Benor Capital Ltd (LEI 213800SPTJ6JRLKCPY23) followed an investigation into the company’s compliance, during the period September 14, 2020 to September 16, 2024, with article 5(1) of the Law regarding the requirement of authorisation.

The settlement amount agreed with Benor Capital Ltd was €50,000, which the company has also paid in full.

CySEC reiterated that settlement proceeds are treated as income of the Treasury of the Republic and not as income of the commission itself.