CySEC withdraws AFX Capital’s CIF licence

The Cyprus Securities Exchange Commission revealed it has decided to withdraw the Cyprus Investment Firm (CIF) authorisation of AFX Capital Markets Ltd.

The decision follows a public investigation of the company’s compliance with the regulation requirements. The Cyprus regulator’s meeting conserving this decision was held on 19 July 2021.

CySEC noted that AFX Capital Markets no longer meets the requirements of the CIF licence. The regulator stated that the firm does not comply with the conditions of its authorisation related to its BoD, the suitability of shareholders and the organisational requirements.


Furthermore, Manuela Mazzacco, who is a member of the Board of Directors received a €100,000 fine and a 5 year ban from exercising management functions in any CIFs. Andreas Lianos, who is also on the board, got a €50,000 fine and a 3 year ban.

The other board members, including Costas Georgiades, Elena Economides Demetriou and Andrea Papagapiou, did not receive regulatory actions against them.

Additionally, AFX Capital Markets’ two auditors, BDO Ltd and Anthimos, Leonidou and Partners Ltd., received a €100,000 in administrative fines each.

CySEC suspended AFX Captal Markets‘ licence before back in 2019 over concern of the protection of the company’s clients.

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