Cyprus financial regulator CySEC has announced that it has decided to impose a total administrative fine of €30,000 to the company Plum Money CY Limited, which operates the Plum savings and investing app for EU clients (website withplum.com), for violation of articles of the Regulation (ΕU) 2019/2033 on the prudential requirements of investment firms.
Particularly, CySEC imposed to the Company:
1. An administrative fine of €8,000 for violation of Article 9(1) of the Regulation, as the Company, on 31 December 2023, did not have own funds consisting of the sum of its Common Equity Tier 1 capital, Additional Tier 1 capital and Tier 2 capital, and which meet, at all times, all the conditions set out in this article.
2. An administrative fine of €8,000 for violation of Article 11(1)…
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