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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.

Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.

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