The Cyprus Securities and Exchange Commission (CySEC) announced that, on its meeting of 28th November 2016, has decided to wholly withdraw the Cyprus Investment Firm authorization with number 239/14 of «UBFS Invest powered by Moneychoice Brokers Ltd» operating at www.moneychoicebrokers.com, www.ubfsinvest.com.
The withdraw has been made due to UBFS’s non-compliance with:
- Section 28(1) of the Law for failure to comply at all times with the authorization and operating condition of section 18(2)(j) of the Law, as it has not made adequate arrangements to safeguard its clients’ rights, taken into account its clients’ money deficit.
- Section 67(1) of the Law, as its own funds are negative, i.e. less from the sum of its capital requirements.
- Article 92(1) of the European Regulation 575/2013, as its capital ratio is negative, i.e. less than the requirements provided for in the Article.
LeapRate already reported earlier this year that CySEC has extended the CIF license suspension of retail forex broker UBFS Invest.
Following the decision for the suspension of its CIF license, UBFS Invest should cease to provide investment and ancillary services and settle, within a period of three (3) months, its obligations arising from the services that are no longer allowed to perform.
Furthermore, CySEC has called UBFS Invest to proceed with changes in its website so that, any references regarding authorization and supervision of the company by CySEC, be removed.