8th Jul 2016 14:49
LONDON (Alliance News) - TechFinancials Inc on Friday said its B.O.TradeFinancials subsidiary has been fined EUR138,000 by the Cyprus Securities and Exchange Commission, due to "certain regulatory breaches".
TechFinancials, which supplies trading software to online brokers, said the fine was disclosed as a contingent liability in its full year results, published in May, and was related to regulatory breaches.
TechFinancials said it has implemented measures to ensure these breaches do not recur, noting that it expects to have "fully implemented any necessary corrective actions" by September 5, as required by the Cypriot government body.
The company added that it does not anticipate that the fine will have a material impact on the results for the current financial year and still expects to meet market expectations.
Shares in TechFinancials were up 6.1% at 12.20 pence on Friday afternoon.
By Hannah Boland; [email protected]; @Hannaheboland
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