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Screenshot of a breaking news alert e-mail from Q2 2017
Cyprus financial regulator CySEC has announced that, following a decision in the meeting dated 25.09.2017, the authorisation of the Cyprus Investment Firm Concorde Investments (Cyprus) Ltd (‘the Company’), number 189/13, is suspended, pursuant to section 26(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), as there are suspicions of an alleged violation of section 28(1) of the Law due to the Company’s possible non compliance, at all times, with the authorisation and operating condition of section 12 (Persons who effectively direct the business of a CIF) and of section 18A (Governance arrangements) of the Law.
The above decision was reached due to the fact that the aforementioned alleged violations may possibly endanger the Company’s clients’ interests and generally the smooth operation of the capital market.
Within one (1) month, the Company has to take actions in order to comply with the aforementioned provisions.
While the suspension of the authorisation is in force, the Company:
- Cannot enter into a business relationship with any person and take upon any new client.
- Cannot receive, transmit or execute any orders from clients for buying any financial instruments.
- Cannot provide/perform any investment services in Cyprus or outside Cyprus (in member states and third countries).
- Cannot advertise itself as investment services provider and should mention on all of its websites that its CIF licence has been suspended.
- Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law:
5.1. Close all open positions in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client so wishes.
5.2. Return to existing clients all of their funds and profits earned.