Breaking news

CySEC Issues Key Rulings on Investment Firm Fines and Fund Liquidation

The Cyprus Securities and Exchange Commission (CySEC) recently announced pivotal regulatory actions reflecting its steadfast stance on maintaining compliance standards in the financial sector.

Fine Imposed on iTrade Global (CY) Ltd

During its February 2025 meeting, the CySEC Board decided to impose an administrative fine of €1,250 on the Cyprus Investment Firm, iTrade Global (CY) Ltd. This decision followed findings of non-compliance with Directive 157/2019, which targets the Prevention and Suppression of Money Laundering and Terrorist Financing.

Liquidation of WAVENTURES RAIF F.C.I.C. PLC

Separately, CySEC was informed of the initiation of the dissolution procedure for WAVENTURES RAIF F.C.I.C. PLC, managed by Hanseatic Capital Management Ltd. This fund, registered under the RAIF154 designation, will remain listed in the RAIFs Registry as ‘under liquidation’ until the process is finalized.

Industry Implications

The latest updates from CySEC emphasize the need for robust compliance frameworks.

As Cyprus continues to align with broader European directives, the island’s financial landscape is poised for transformative changes.

Greek Tankers Transit Hormuz As Shipping Risks Rise In Gulf And Black Sea

Two tankers linked to George Prokopiou passed through the Strait of Hormuz as regional tensions continue to affect shipping routes in the Gulf.

Safe Passage Through Hormuz

The tanker Smyrni, operated by Dynacom Tankers Management, was observed off the coast of Mumbai on Saturday morning after its earlier positioning in the Persian Gulf. The vessel, like its predecessor Shenlong, temporarily disabled its transponder during transit, a common practice in these narrow channels under uncertain conditions.

Robust Market Commitments

Despite reduced shipping traffic through the strait, Dynacom has continued expanding its fleet. The company recently ordered four additional VLCC tankers from Hengli Heavy Industry. Each vessel will have a capacity of 300,000 deadweight tonnes. With the new order, Dynacom’s VLCC program in Chinese shipyards now totals 16 vessels.

Security Incident In The Black Sea

In a separate incident, the Greek-flagged tanker Maran Homer sustained minor damage near Novorossiysk in the Black Sea. The vessel is operated by Maran Tankers Management, part of the shipping group controlled by Maria Angelicoussis.

Reports indicated the ship was struck by a missile or drone about 14 nautical miles from the port. The crew of 24, including Greek, Filipino and Romanian sailors, was not injured. The vessel, which was not carrying cargo, continued sailing under its own power.

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