The Cyprus Securities and Exchange Commission (CySEC) has taken decisive action in the financial sector by removing two firms from its register and imposing fines totalling €100,000. This move underscores CySEC’s commitment to enforcing compliance with financial services legislation and ensuring market integrity.
As of September 9, 2025, Fiduserve Management Limited officially waived its authorisation to provide administrative services, leading to the lapse of its licence (Number 215/196) granted by CySEC. Following this, the company was permanently deleted from the licensed persons’ register, aligning with section 16(2) of the Law Regulating Companies Providing Administrative Services.
Similarly, Mann Made Corporate Services (Cyprus) Limited followed suit and also waived its authorisation as of November 11, 2024. This action resulted in the expiration of its authorisation (Number 200/196) and subsequent removal from the licensed register, reinforcing CySEC’s regulatory framework.
In a separate development, CySEC announced on January 9, 2026, that it had settled with EDR Financial Ltd for €50,000. This settlement arose from a review of the firm’s compliance with various investment services laws during the period from 2020 to 2024. The investigation scrutinised EDR Financial’s adherence to organisational requirements and compliance with product intervention regulations.
CySEC stated that it has the authority to reach settlements regarding potential violations under the Cyprus Securities and Exchange Commission Law of 2009. The regulator clarified that all amounts from settlement agreements are classified as revenue for the Treasury of the Republic and do not contribute to CySEC’s income.
In conjunction with the settlement with EDR Financial, CySEC also reached an agreement with Benor Capital Ltd, which faced similar allegations of non-compliance. The settlement amount, also €50,000, was agreed upon following an investigation of Benor Capital’s operations from September 14, 2020, to September 16, 2024. Both firms have complied with the settlement terms by making full payments.
These actions by CySEC reflect a robust approach to maintaining regulatory compliance within the investment services sector, reinforcing the need for firms to adhere strictly to the established laws and regulations.
