CySEC Settles with Prior Capital Execs for €120K


CySEC has confirmed a €120,000 settlement with with the executive Board Members of Prior Capital Cy Ltd for possible violations of the Investment Services and Activities and Regulated Markets Law of 2017.

May 17, 2021, | AtoZ Markets – The Cyprus Securities and Exchange Commission (CySEC) on Monday reported a €120,000 settlement with three executives of Prior Capital Cy Ltd, previously known as PriorFX.

The Cyprus watchdog said that the settlement has been reached with the following executive Board Members of Prior Capital – Konstantin Yasnov, Vladimir Zalogin and Ekaterina Zalogina. The settlement concerns a possible violation of Τhe Investment Services and Activities and Regulated Markets Law of 2017 («the Law»). More specifically, the settlement reached involved assessing the compliance of the Company’s Board of Directors with article 10(1) of the Law for the period July 2018 – March 2020 regarding governance arrangements.

More specifically, CySEC noted that the settlement reached involved assessing the compliance of the Company’s Board of Directors with article 10(1) of the Law for the period July 2018 – March 2020 regarding governance arrangements.

The regulator also reported that the aforementioned persons have paid the settlement amount.

CySEC said in the announcement:

CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, 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.

It is noted that all amounts payable in connection with settlement agreements are considered income of the Treasury of the Republic of Cyprus and are not income of the CySEC regulator.

It is worthy of note that the Cypriot regulator entered into similar settlements with other brokerage firms as well, including iTraderColmex Pro and XTrade Europe.

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