CySEC Fines Invexia Operator for Missing Annual Reporting Deadline
Cyprus’s securities regulator has fined investment firm WRDNB Ltd €1,300 for failing to submit a required regulatory return on time — the third such lapse for the company in less than two years.
The Cyprus Securities and platform Commission (CySEC) said its board decided to impose the penalty later than the firm did not successfully file the 2024 Risk-Based Supervision Framework (RBSF-CIF) report, a mandatory annual data submission under Circular C706. The decision was published on October 24.
Circular C706, issued in May 2025, introduced version 10 of the RBSF-CIF template, requiring all licensed Cyprus Investment Firms to report financial and operational metrics for the 2024 calendar year. CySEC warned at the time that late or failed filings would trigger enforcement under Article 56(4) of the CySEC Law — a clause it has relied on repeatedly in recent months to police statistical reporting.
Repeat Offender
WRDNB Ltd, which operates under the trading name Invexia, has already faced two penalties for similar administrative breaches. In May 2024, CySEC fined the firm €100 for missing its Q4 2023 quarterly statistical (QST-CIF) filing. Another €1,300 fine followed in June 2025 for failing to submit the identical return for Q4 2024.
This latest action, covering the annual RBSF-CIF submission, suggests a pattern that regulators increasingly view as symptomatic of fragile compliance routines rather than clerical error. Though the sums are minor, multiple missed filings can draw heightened supervisory attention — particularly for newer licenviews still establishing internal control frameworks.
WRDNB received its Cyprus Investment Firm licence (424/23) in February 2023 and is listed on CySEC’s public register as operating the Invexia brand from Limassol. Corporate filings show the company was incorporated in 2021 under registration HE 417464, with directors named as Erno Borondy and Csaba Turcsanyi, and PMG Islandserve Nominees Ltd as company secretary.
Reporting Obligations Under Scrutiny
Both QST-CIF and RBSF-CIF returns feed into CySEC’s data-driven supervision model. The quarterly QST-CIF captures transaction volumes, income, and client metrics, while the RBSF-CIF serves as a broader annual health check covering balance-sheet data, staffing, and risk indicators.
CySEC’s enforcement of these filings has intensified as the watchdog tightens its oversight of smaller investment firms and fintech brokers. The agency has issued a string of minor fines across the sector for reporting delays, including against Lydya Financial and other retail-broker entities, as part of what market lawyers describe as a “zero-tolerance” approach to missed returns.
A Nicosia-based compliance consultant said the tougher stance reflects CySEC’s growing reliance on data analytics: “When you skip a return, it’s not just a box unticked — it’s a hole in the data set the regulator uses to spot risk. That’s why they’re enforcing even small breaches.”
Broader Enforcement Climate
Cyprus’s investment-services sector, home to dozens of retail-trading platforms targeting European clients, has come under increasing scrutiny from both domestic and EU regulators. The push has focused on governance, reporting, and cross-border marketing practices rather than outright fraud cases.
Under CySEC’s current administrative-fine regime, most failures to comply with circulars or data requests result in penalties ranging from €100 to €10,000, depending on the scale and frequency of the breach. Firms with repeated infractions can face follow-up audits or, in severe cases, suspension of their licence.
While WRDNB’s fines fall at the lower end of that scale, the recurrence may invite a closer look at its compliance processes. Regulators typically expect firms with repeat delays to present remediation plans and evidence of stronger internal checks in subsequent cycles.
The next test will arrive in ahead 2026, when firms submit their Q4 2025 quarterly return and the next annual RBSF-CIF package. A timely submission would indicate that WRDNB has corrected the procedural gaps that led to its earlier delays.
For now, CySEC’s latest decision is more symbolic than punitive — a signal to the market that the watchdog intends to treat routine data reporting as a frontline compliance issue, not a formality.
The regulator’s message is that “if you can’t manage your filings, it raises questions about what else might slip through.”
