Sanction 11196

The HCMC's BoD decided to impose a total fine of 700 thousand euros (€700,000) on the company “VIE FINANCE A.E.P.E.Y S.A.” for the infringement of the provisions of the capital market legislation (Greek law4514/2018, EU Regulation 2017/565, decision of the Hellenic Capital Market Commission 7A/847/28.6.2019) concerning: - failure to comply with the obligations concerning the classification of retail clients as professionals, in violation of para. II of Annex II of Greek law 4514/2018, - failure to comply with the obligation to effectively monitor the compliance of partner companies (with applicable legislation), in violation of point (e) of paragraph 2 of article 31 of EU Regulation 2017/565, - failure to put in place appropriate arrangements to protect its client's rights and prevent the use of its client's funds for its own account in violation of para. 9 of article 16 of Greek law 4514/2018 - failure to comply with the initial margin restrictions for opening positions in CFDs in violation of the relevant obligation set out in ANNEX I of the decision of the Hellenic Capital Market Commission 7A/847/28.6.2019, and - other infringements relating to organisational requirements and in particular, issues of investor protection when providing investment services, in violation of the provisions of articles 25 par. 3 and 24 par. 3 of Greek law 4514/2018, articles 21 par. 1(c), 24 (a and b), 44 par. 1 and 2(b) and 59 par. 1 of EU Regulation 2017/565.