The Cyprus Securities and Exchange Commission (CySEC) has informed investors that it has suspended GIF Capital Ltd’s ASP license.
The complete text of the regulator’s decision can be seen below:
Announcement date: 23.11.2018 CySEC
Decision date: 23.11.2018
Regarding: GIF Capital Ltd
Legislation: The Regulating Companies Providing Administrative Services and Related Matters Law
Subject: Suspension of ASP license
The Cyprus Securities and Exchange Commission (‘CySEC’) announces that the authorisation for providing Administrative Services of GIF Capital Ltd (‘the Company’), with number 136/196, is suspended, pursuant to section 15(1)(b) of the Regulating Companies Providing Administrative Services and Related Matters Law of 2012, as in force (‘the Law’), as there are suspicions of an alleged violation of section 23(1) of the Law, due to the Company’s possible non compliance, at all times, with the authorisation condition provided for in section 7(2) (persons who effectively manage
the business) and in section 9(4) (persons employed by a licensed person) of the Law.
The above decision was reached as the aforementioned alleged violation possibly endangers the Company’s clients’ interests as may constitute a threat to the sound and prudent management of the Company.
Within two (2) weeks the Company has to take actions in order to comply with the aforementioned provisions.
While the suspension of the authorisation is effective, the Company, pursuant to section 15(5) of the Law, cannot provide/perform any administrative services.