The Cyprus Securities and Exchange Commission (CySEC) has announced that it has reached a settlement agreement with Cyprus alternative investment fund company Target Wealth, which has paid €30.000 to settle the settlement.

The regulator did not specify how Target Wealth violated the law, but said: "More specifically, the investigation that resulted in the settlement involved assessing the company's compliance in March 2022, in which: 1. The provisions of article 10(1) of the law on changes are within the scope of the authorization; (2) The appropriateness of section 8(2)(d) of the Act concerning the granting of conditions of authorization to the relevant qualified controlling shareholder.

Target Wealth has paid €30.000 to settle with CySEC.